This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

OTI's Wholly Owned Subsidiary - ASEC - Awarded Multiple Contracts As An E-Ticketing Operator For Transit Systems In Poland

Agreement for Warsaw City Card Extended and Expanded to 2022, with Estimated Revenues of $45 Million Expected Over the Next 10 Years

Mazovia (Central Poland) Railway Signs Five-Year Agreement – Estimated Revenues of $4.7 Million

Lublin Municipal Transport Department Signs a Five-Year Agreement – Estimated Revenues of $1.5 Million

ISELIN, N.J., April 22, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (" OTI") (Nasdaq:OTIV), today announced that its wholly owned subsidiary in Poland, ASEC S.A. ("ASEC"), was awarded multiple projects as e-ticketing operating for transit systems throughout Poland. Total direct revenues generated from transaction fees over the next 10 years are expected to reach approximately $50 million. ASEC is responsible for building and operating the three projects, including financing and installation of infrastructure equipment.

In Warsaw, ASEC's agreement for the Warsaw City Card with the Urban Transport Authority of the City of Warsaw was extended by additional term of five years, ensuring smooth and continuous operation until 2022. ASEC, which already operates 100 automated ticket vending machines (TVM) and 350 terminals, will expand the program by installing additional 100 TVMs. The equipment (ticket vending machines and terminals) is used for loading of Warsaw City Cards electronic and magnetic paper tickets and is located at subway and train stations, buses and tramway transfer hubs and at areas frequently visited by tourists. It is estimated that the new expansion will necessitate additional investment in the project in the approximate amount of $3.5 million over a 3-year period.

For Mazovia Railway, Koleje Mazowieckie (KM), ASEC will install 84 automated ticket vending machines in KM train stations. This includes 14 vending machines located in train stations in Warsaw and its suburbs, where ASEC already provides electronic ticketing services for the Warsaw City Card. ASEC will sell electronic and paper train tickets on behalf of KM. The Mazowsze region is the largest and most populated region in Poland and includes the capital city of Warsaw. ASEC will provide a sales network system, infrastructure, distribution service and maintenance for loading of transportation electronic cards. ASEC will generate direct revenues from transaction fees and are expected to aggregate about $4.7 million over the next five years. The infrastructure equipment is to be installed and operated by ASEC and financed by ASEC through Polish banks. The project is expected to start yielding revenues in the last quarter of 2013.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs