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Chevron to implement On Track Innovations system in Cameroon
By Yoram Gavison
Sep 27, 2006, 10:36
Chevron Corporation (NYSE: CVX), one of the biggest energy companies in the world, has chosen the EasyFuel solution made by Israeli company On Track Innovations (NASDAQ: OTIV).
EasyFuel is an automated system for gasoline payment and automated fuel management.
Chevron will first be installing the systems in Cameroon, OTI said. It expects to expand use to additional African and also Asian countries as well.
Cm sources believe the deal regarding Cameroon alone is worth about $1.5 million to OTI.
EasyFuel is a wireless system that brings fleet managers access to real-time information, to prevent fraud and streamline operations.
OTI, a specialist in contactless microprocessor-based smart card solutions, is traded at a market capitalization of $113 million, having lost 44% of its value this year.
The OTI solutions are easily integrated into existing hardware and software systems, the company says, adding that its system allows for 24-hour non-attendant sales.
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