San Jose, CA - October 24, 2005 - VeriFone Holdings, Inc. (NYSE: PAY) today announced that it has formed a joint venture with TaxiTronic, Inc., that will equip taxis with integrated fleet management and customer payment systems.
The joint venture, VeriFone Transportation Systems, Inc. (VTS), will supply fleet and private taxi owners with VeriFone's secure payment and multi-media content delivery systems to provide an interface for fleet management, dispatch, scheduling, messaging, GPS navigation, customer reporting, and other functions. VTS will also generate revenue from transaction processing fees and provision of ongoing support services.
"VTS is setting a new industry benchmark for taxi fleet management by leveraging VeriFone's payment systems expertise and TaxiTronic's taxi equipment market experience to respond to consumer demands for improved service and convenient access to electronic fare payment options," said Douglas G. Bergeron, chairman and chief executive officer of VeriFone. "Several cities are in the process of contracting for fleet automation solutions to more effectively manage private and public transportation resources."
VTS will utilize the VeriFone MX870 connected to TaxiTronic's TX-36 network controller, which will communicate via cellular wireless to servers run by fleet operators and municipal taxi authorities. Incorporating GPS, the fleet automation system will enable operators and municipal managers to monitor flow control to ensure that taxis are dispatched to areas where they are most needed. VTS will also provide passenger compartment payment systems so fares can be paid without having to hand over credit or debit cards. Additionally, VTS solutions will be able to accommodate contactless payment cards, signature capture and metropolitan transit system smart card-based fares.
"The joint venture of VeriFone and TaxiTronic represents the state-of-the-art in taxi fleet management," said Amos Tamam, President of TaxiTronic. "The VTS solution will handle everything from cab sign-in and sign-out, to combining dispatch orders with one-touch GPS directional assistance. The system will introduce new concepts never launched before, allowing for an improved and friendlier customer service for the riding public. We are very happy with this new venture as it will allow VTS to expand its applications to other vertical markets and take advantage of the full capability of our systems."
About TaxiTronic, Inc.
TAXiTRONiC has been servicing the needs of the NYC Taxi Industry for eight years. Its staff has over 20 years of experience in taxicab fleet management. TAXiTRONiC also provides taximeter manufacturing, equipment accessibility, and driver safety equipment for the Vehicle for Hire industry. Leading products and technologies produced by TAXiTRONiC™ include computerized meters and state-of-the-art fleet management systems, including GPS based automated vehicle location systems; computer aided dispatch systems; and credit card acceptance solutions.
About VeriFone Holdings, Inc.
VeriFone Holdings, Inc. (“VeriFone”) (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. VeriFone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. VeriFone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.