Cheung Kong Infrastructure and On Track Innovations joint venture kicks off with the one-card-does-it-all "EYECON" smart card for today's e-world

Hong Kong (PROTEXT) - Hong Kong listed Cheung KongInfrastructure Holdings Ltd. (CKI) and German listed Israeli-based On Track Innovations Ltd. (OTI) today announced theformation of a cooperative joint venture which is dedicated todelivering the patented "EYECON" microprocessor-based contactlesssmart card technology and electronic convenience to the AsiaPacific region. The EYECON smart card with up to 256 multipleelectronic applications is the most powerful solution of its kindcommercially available today. This joint venture will capitalize on the rapid growth of e-commerce and internet technology which is expected to furtheropen up the already fast growing smart card market. The jointventure will leverage the strengths of CKI's local knowledge andestablished network in Asia together with OTI's technology andproduct expertise, with the aim to offer corporations andconsumers a cost-efficient and convenient solution in today'selectronic world. Representatives attending today's CKI-OTI smart card launchincluded CKI's Group Managing Director H.L. Kam, and OTI'sPresident and Chief Executive Officer Mr Oded Bashan. The ChiefExecutive Officer Mr Shai Ziv and Director Mr Ivan Chan of theCKI-OTI joint venture also met with the press. Consulate Generalof Israel, Hong Kong, Consul General Mr Uri Halfon was the guestof honour. Speaking at the launch, Mr Kam said: "With the advent of theelectronic and internet era, the use of smart card and theconvenience it brings becomes increasingly indispensable to oureveryday lives. The worldwide smart card market is forecast toreach US$60 billion by 2005, with Asia comprising 40%. Smart cardapplications are becoming very popular in Asia, as in the case ofEurope and the States. With the CKI-OTI joint venture, we aredelighted to bring into Asia the most powerful 'one card does itall' EYECON technology, and we aim to be a significant player anda propelling force in Hong Kong's and Asia's fast growingelectronic infrastructure world." Developed on reliable and easy-to-use technology that utilizesa single micro-processor chip, the EYECON contactless smart cardallows multiple applications for up to 16 different issuingauthorities and up to 256 different and separate applications.This unmatched and ingenious technology also guarantees completesecurity and independence, meeting the requirements of financialand governmental institutions. The technology can be readilydeployed as the platform for the payment tool of the e-commerceand internet markets. Mr Bashan commented, "OTI's unique breakthrough in the smartcard market reflects not only Israel's flourishing technologicalindustry, but also meets the demand of a fast growing anddemanding worldwide contactless smart card market. In particular,our EYECON technology was awarded the ESCAT Award for the 'MostInnovative Smart Card Accomplishment of the Year 97'. In August1999, OTI was listed in Germany and since then the share pricehas bounced threefold. Today, our partnership with Cheung KongInfrastructure is another significant milestone in our company'sglobal development. Together, we shall create invaluablesynergies as well as bring the smart card technology and itsconvenience to the Asian region, tapping into the growing needsof the Asian market, which is expected to reach some US$25billion by 2005." The versatile characteristics of the EYECON technology allowits applications in almost every aspect of everyday lives,ranging from B2B (business-to-business) and B2C (business-to-consumers) applications to personal home-use. The range of itsapplications can be enormous, examples include: * Transportation solutions (e.g. electronic toll collection,automatic fare collection, vehicle registrations and parkingetc.); * Commercial solutions (e.g. e-purse, telecom and loyaltyetc.); * Governmental solutions (e.g. ID and border crossingplatforms such as the one to be adopted by the Israeliimmigration, others include taxation, driver licenses and medicalinformation.); * Security solutions (e.g. biometrics, encryption,fingerprints, electronic door key, access control, Internetaccess etc.); and * Others such as niche market solutions (e.g. corporate card,residential housing, gasoline management systems etc.) The new venture will establish a research and developmentcenter in Hong Kong, with the aim to conduct ongoing product andtechnological research to meet the different and localized needswithin the Asian region. It will strive to secure strategicalliances and co-operations with major system integrators intarget countries and participate in international projects thatstandardize future markets. The joint venture will focus ondelivering the EYECON product & services to the Asian market,initially to Hong Kong and mainland China, as well assimultaneously to other target markets including Korea, Japan,Philippines, India, Australia, Indonesia, Malaysia and Taiwan. About Cheung Kong Infrastructure Holdings Limited Cheung Kong Infrastructure Holdings Limited (CKI) is aconstituent stock of the Hang Seng Index. It is the largestdiversified infrastructure company listed in Hong Kong in termsof market capitalization, with investments spanning the Mainland,Hong Kong, the Philippines and Australia. The company has beenimplementing an aggressive globalization and diversification planrecently. CKI belongs to the Cheung Kong Holdings Group. Amongthe group are well-known companies such as Hutchinson Whampoa(the Orange cellular network) and others. The Cheung Kong Groupis involved in massive business worldwide. Operating of the HongKong port (the world's largest port) and the Panama Canal,controlling of the Canadian oil-company Husky Oil and managing ofOrange, the recently acquired cellular telephone company, areonly few samples of CKI's activities. The group has a marketcapitalization of over US$ 90 Billion. The decision to establishOTI Asia Pacific is part of a strategic decision of the CK groupto enter the booming smart card market. The initial investment inthe new company is about HK$ 100 Million. About On Track Innovations Limited Established in 1990, On Track Innovations Ltd. (OTI) is theworld's pioneer in microprocessor-based contactless smart cardtechnology. The company has developed a portfolio of patentedcontactless smart card technologies, including themicroprocessor-based contactless/contact EYECON MultiCard system.It was awarded the prestigious ESCAT Award for the "MostInnovative Smart Card Accomplishment of the Year 97". OTI appliesits technologies in a variety of unique and customizedapplications worldwide, placing its products at the cutting edgeof contactless smart card technology. Besides its Israeliheadquarters, OTI's worldwide network includes OTI America, OTIEurope, OTI Africa and now the newly launched Asia Pacificoperation. Issued by WORLDCOM Hong Kong Limited on behalf of Cheung KongInfrastructure Holdings Limited and On Track Innovations Limited.For enquiries, please contact:- Rachel Chan, tel: 2864 4883 or Anna Chan, tel: 2864 4874Original Text Service: On Track Innovations Ltd. Internet:http://recherche.newsaktuell.de For questions please contact:Shai Ziv, CEO of OTI Asia Pacific Tel.: 00972-6-693 8884 Fax:00972-6-693 8887 e-mail: shai_ziv@oti.co.il

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