QI Systems Inc. (OTCBB:QIIIF), a developer and integrator of microchip-based card payment and tracking solutions, and Parcxmart Technologies Inc., a provider of vertically integrated turnkey offline small-dollar payment solutions, today announced the United States' first installation of a true one card solution for on-street parking, small-dollar transactions, and chip based loyalty applications. The New Haven installation incorporates QI Systems' proprietary card payment and tracking technology for Smart Card solutions. The first system installation is now in revenue service in the City of New Haven, Connecticut.
QI, Parcxmart and Cale Parking Systems USA Inc. have worked together to produce this convenient multi-application smart card program for the City of New Haven. It includes payment functionality for all on-street parking meters, easy reloading and acceptance of the New Haven Parcxmart Card(TM) in all participating merchants, and the introduction of the Parcxmart Instant Cool Rewards(TM) program which allows consumers to win valuable prizes instantly at the point-of-sale.
"New Haven is excited about the citywide roll-out of the program this spring," said John Regan CEO of Parcxmart. "We are also pleased with the early stage data showing the New Haven Parcxmart Card in some blocks reaching fifty percent of total card and coin payments. This is the highest penetration rate recorded for a smart card payment system in the US and puts to rest the issue of whether or not a smart card can penetrate a city parking market effectively. This also indicates the potential for wide adoption by consumers on a national basis."
Steve Garman, President and CEO of QI Systems, stated, "The New Haven Parcxmart Card is not only a one-card solution for on-street and off-street parking and merchant small-dollar payments, but is also an ideal payment solution for news boxes, vending, transportation and other services. The New Haven project is an excellent example of the cross-channel, multi-application potential of this technology in the marketplace. Because of the ease-of-use for consumers, we have already seen a fifty percent adoption on some blocks in New Haven at this early phase of the product introduction. We look forward to many future installations and expanded market opportunities with Parcxmart."
About Parcxmart
Parcxmart Technologies Inc. is an electronic payments company specializing in small-dollar transactions. The Parcxmart(TM) card and patent-pending payment solution is America's first fully functional on-street parking and merchant smart card payment system.
Parcxmart has developed a stored-value payment system that is capable of securely managing multi-application functions such as loyalty, on-street parking payments for all meter types, and merchant distribution, load, and acceptance of the Parcxmart Card.
About QI Systems
QI Systems Inc. develops and markets innovative chip-based card payment and tracking solutions for a number of industries as well as national, state and local government agencies. QI's products and core competencies include smart-card and stored-value systems, security protocols, data communication software design and hardware manufacture. For more information about QI Systems Inc., visit http://www.qisystems.ca/.
Matters discussed in this press release are "forward-looking statements" and are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward-looking statements, as actual results may differ materially from current expectations. QI Systems undertakes no obligation to publicly update such forward-looking statements.
