Cubic Transportation Systems, On Track Innovations Sign Licensing and Cooperation Agreement

San Diego, Calif., and Rosh Pina, Israel (PROTEXT) - Cubic Transportation Systems, Inc., the world leader in transportation fare payment systems, and On Track Innovations Ltd. (OTI), a leading supplier of contact/contactless microprocessor-based smart card technology, have signed a licensing and cooperation agreement aimed at delivering transit authorities flexibility in smart card choices, the companies announced today. Under the agreement, Cubic will integrate OTI's EYECON(TM) smart card products with Cubic's Tri-Reader(TM) multi-protocol contactless smart card reader, the first such device capable of processing three contactless smart card types. OTI's EYECON products utilize the ISO 14443 Type B contactless interface. Following certification, Cubic will be in a position to offer additional card types including EYECON for use in its fare collection systems. "The key to this agreement with OTI is that transit agencies will have greater flexibility in their choice of farecards that has not been available until now. This will give transit authorities opportunities for expanded business relationships and the ability to tie into multi-application business models," says Phil Dixon, Cubic senior director of Strategic/Product Planning. "There are variations in the processing capabilities between the different smart cards on the market today. By giving our customers a solution for processing multiple card types within their fare collection systems - specifically the EYECON cards, Cubic's GO CARD(R), and other ISO 14443 standard contactless cards - our customers will have options for tailoring their business decisions to their own unique requirements," Dixon stated. "By leveraging CTS's worldwide installed customer base, we will create an attractive, cost-effective and secure solution for different customers that are looking to implement secured contact /contactless smart card solutions, while addressing multiple applications such as transit, loyalty, telecommunication and more on a single smart card," says Ohad Bashan, president of OTI America. "This is a perfect tie-in for the customer who is looking to merge between different markets and applications with maximum security on the same platform." About Cubic Transportation Systems Cubic Transportation Systems, a subsidiary of Cubic Corporation (AMEX:CUB) in San Diego, is the world's largest integrator of automated fare collection systems in major cities including London, New York, Chicago, Washington DC, Sydney, Shanghai, and Singapore. Having pioneered the use of stored value cards in mass transit using magnetics, Cubic is now supporting its customers wanting to migrate to contactless smart card fare payment technologies. Cubic has developed a number of contactless smart card reader products such as the Tri-Reader, which can process most standard contactless smart cards available. In addition, the company provides all levels of systems and services from central clearinghouse and data warehousing, to gates, ticket vending machines, and fareboxes for buses, to smart card and magnetic stripe readers. About On Track Innovations OTI is the world's pioneer in microprocessor- based contactless smart card technology. The company has developed a portfolio of patented contactless smart card technologies, including the microprocessor-based contactless/contact EYECON' MultiCard system, which provides optional DES, Triple-DES, RSA or ECC level data encryption between the card and the reader. In 1997, OTI was awarded the prestigious ESCAT Award for the "Most Innovative Smart Card Accomplishment of the Year." Established in 1990, OTI has applied its technologies in a variety of applications worldwide. The implementation of numerous applications such as the electronic purse, mass transit, parking, gas management systems, loyalty schemes, ID and security as well as other unique customized applications have put OTI and its products at the cutting edge of contactless smart card technology. Headquartered in Israel, OTI has offices and subsidiaries in the United States, Europe, Africa, and China. For more information, please visit OTI's website. Ohad Bashan, President, OTI America Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents.