Cubic Integrates oti’s WAVE NFC Device Into Its NextWave Mobile Mass Transit Platform

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Cubic Transportation Systems, a business unit of Cubic Corporation (NYSE: CUB), and On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, announced today the integration of oti’s WAVE NFC device into Cubic’s NextWave mobile mass transit platform – adding NFC capability to virtually any smartphone or tablet through the audio jack. Cubic Transportation Systems is a leading integrator of information technology and payment systems and services for intelligent travel solutions.

Cubic Corporation

Cubic Corporation

The WAVE helps fulfill the mission of NextWave, which is to help transit agencies deploy mobile services to market quickly and at a fraction of the cost associated with dedicated systems.

Cubic Transportation Systems, a business unit of Cubic Corporation (NYSE: CUB), and On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, announced today the integration of oti’s WAVE NFC device into Cubic’s NextWave mobile mass transit platform – adding NFC capability to virtually any smartphone or tablet through the audio jack. Cubic Transportation Systems is a leading integrator of information technology and payment systems and services for intelligent travel solutions.

Launched in September 2013, Cubic’s NextWave platform simplifies the complexities of deploying mobile services by providing a cloud-based solution that integrates closed- and open-loop contactless fare systems, payment processors, mobile networks, NFC platforms, iOS and Android devices, and now oti’s WAVE.

Less than half the size of a standard car key fob, oti's WAVE device uses the audio jack as an easy and cost-effective way to add NFC capability to smartphones or tablet, including Apple iPhones, iPads, and Android-based mobile devices. Once configured, it can also operate independently, allowing users to keep the WAVE on their keychain to make secure transactions with a simple 'wave' of the device over any NFC reader. The WAVE has received certification from major payment companies, including Visa® and MasterCard®.

Supported by the robust back office and mobile solutions of the NextWave platform, the integrated WAVE smartphone application for transit allows commuters to make secure fare purchases from the convenience of their home or office. Once the electronic fare card has been provisioned, pairing with the smartphone or device is no longer required. The WAVE can then operate independently as a pendant or a key fob, so that commuters simply wave their WAVE device over an NFC-enabled turnstile as they pass through.

“oti’s WAVE dramatically expands our capabilities for managing secure NFC-based transactions,” said David deKozan, vice president of strategic initiatives, Cubic Transportation Systems. “The WAVE’s small form factor, core functionality, ease of use, and remarkable versatility make it a perfect complement to our NextWave solution.”

“The WAVE helps fulfill the mission of NextWave, which is to help transit agencies deploy mobile services to market quickly and at a fraction of the cost associated with dedicated systems,” continued deKozan. “Our technological collaboration with oti will help us establish a solid foundation for our customers that enable them to transition from conventional NFC fare processing to collaborative partnerships that involve mobile payment, NFC access and mobile marketing initiatives.”

“We believe NextWave is the ideal platform to showcase the WAVE’s unique power and efficiency. Cubic has the proven capability and experience to rapidly deploy the WAVE to their customer base of more than 450 transport operators who serve more than 38 million commuters every day in major markets worldwide. We anticipate continued collaboration with the Cubic team to rollout customer pilot programs over the coming months,” said Gonen Ziv, president of oti America.

About Cubic Transportation Systems

Cubic® Transportation Systems, Inc. is part of Cubic Corporation. Cubic Corporation is the parent company of three major business segments. Cubic Defense Applicationsis a leading provider of realistic combat training systems and secure communications systems. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services for U.S. and allied nations.

Cubic® Transportation Systems, Inc. is a leading integrator of payment and information technology and services for intelligent travel solutions. Cubic delivers integrated systems for transportation and traffic management, delivering tools for travelers to choose the smartest and easiest way to travel and pay for their journeys, and enabling transportation authorities and agencies to manage demand across the entire transportation network – all in real-time. Cubic specializes in design, development, manufacture, supply, installation, integration, services and information. Services provided by Cubic include on-site management, central systems, operations support, patron support, business support and field services.

Every year, more than 24 billion transportation payment transactions are processed using Cubic payment and information systems worldwide. Cubic has delivered over 20 regional back office operations which together integrate over 450 transport operators and serve over 38 million people every day in major markets around the world. Active projects include London; Brisbane (Southeast Queensland) region, Australia; New York/New Jersey region; Washington, D.C. /Baltimore/Virginia region; Los Angeles region; San Diego region; San Francisco region; Minneapolis/St. Paul; Chicago; Atlanta region; Miami (South Florida) region; Vancouver and Edmonton, Canada; Sydney (New South Wales), Australia; Germany; and Scandinavia.

For more information about Cubic, visit http://www.cubic.com.

About oti

On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit http://www.otiglobal.com, the content of which does not form a part of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “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 oti’s 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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.

oti Investor Contact:
Scott Liolios or Matt Glover
Liolios Group, Inc.
949-574-3860
otiv(at)liolios(dot)com

oti Press Contact:
Inbar Ben-Hur
oti Marketing Communication Manager
inbar(at)otiglobal(dot)com

Cubic Media contacts:

Debra Montner
Montner & Associates
PH: 203-226-9290 ext. 112
Cell: 203-984-7861
dmontner(at)montner(dot)com

Suzanne Hatcher
Corporate Communications
Cubic Corporation
PH: 858-505-2430
Cell: 858-774-4736
suzanne(dot)hatcher(at)cubic(dot)com

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Suzanne Hatcher
Cubic Corporation
since: 01/2011
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