PARX, a Subsidiary of OTI, and Neos Tech Introduce 'EasyPark' in Italy

Initial Installation in Northern City of Alessandria; Other Locations in Development

Revenues Generated from Both Product Sale & Transaction Fees
On Track Innovations Ltd, (OTI) today announced that its subsidiary, PARX Ltd., is introducing its parking solution which includes the successful EasyPark in-vehicle electronic parking system in Italy, starting with the northern city of Alessandria. PARX, which is responsible for marketing electronic parking solutions in international markets, will manage the program with Neos Tech S.r.l, an Italian company focused on public services, parking and IT. Neos Tech is responsible for the marketing, sales, help desk, customer support, installation and all local services in Italy.

Neos Tech has launched a marketing and media campaign which includes radio, newspapers and consumer website (www.neos-park.it) to promote Neos Park, the Italian name for the parking system.

Piercarlo Fabbio, mayor of Alessandria and Serafino Lai, Transportation Local Councilor, comment: "We believe that the initiative is a practical way to provide citizens with a useful tool to avoid any daily hassles linked to searching for parking meters and change. Using the parking device allows drivers to pay only for the exact time parked without risking fines."

Esther Cobos, CEO of Neos Tech S.r.l. commented: "We were looking for a city of the size of Alessandria and among those contacted, the enthusiasm and the innovation of Alessandria made the difference. Neos Park is in fact the only parking solution that uses the same technology as modern contactless payments to both ensure the efficiency of parking operators and simplify the drivers life."

Commenting on the transaction, Oded Bashan, OTIs Chairman and CEO, said "The project in Italy is another step in our efforts to launch PARXs parking solutions in various global markets. These are based on our patented technology, offering a user friendly, easy to operate solution with a proven business case. The project in Italy is another example of our strategy of focusing on projects that generate both product sales followed by growing high-margin recurring revenues via transaction, licensing or royalty fees and service charges."

Using Neos Park the driver pays only for the actual parked time. To activate Neos Park the driver turns on the contactless unit, places it in the car window. Upon returning, the driver turns the device off. This creates a uniquely convenient user experience by eliminating the need for cash, change, and looking for parking meters. Neos Park can be used for both on-street parking payments and for parking lots. Neos Park provides detailed reports to the municipality in order to better manage and monitor parking patterns across town. The parking system is able to support multiple rates, cities, tariffs in a modular, scalable and easy to implement way.

About OTI

logo-OTI.pngEstablished in 1990, OTI (Nasdaq: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.

About PARX

Parx logo.jpgPARX Ltd. is a subsidiary of On Track Innovations Ltd. (OTI) responsible for marketing, operating and distributing advanced parking solutions, including the EasyPark(TM) product, in international markets.

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Safe Harbor for Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "will", "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTIs current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations such as statements related to the expected revenues to be generated from the introduction of our parking solutions in Italy. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTIs Annual Report on Form 20-F for the year ended December 31, 2007, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
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On Track Innovations Ltd.
Website
www.otiglobal.com
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