Washington DC Mayor Vincent C. Gray, shown announcing Verifone's selection as exclusive vendor for installation and support of the Taxicab Smart Meter System project. The contract, valued at from $35 million to as much as $45 million with advertising revenue, will result in all 6,500 District cabs being equipped with integrated Verifone systems shown here next to Mayor Gray and including driver tablet, credit card acceptance device and passenger information tablet display, as well as back office management system. The contract was approved Tuesday by the City Council. (Photo credit: Lateef Mangum, Audiovisual Producer/Photographer, Executive Office of the Mayor )
SAN JOSE, CA - July 11, 2012 - Verifone Systems, Inc. (NYSE: PAY), announced that it has been awarded a five-year contract by the District of Columbia Taxicab Commission (DCTC) valued from $35 million to as much as $45 million factoring in potential advertising revenue. Verifone won a competitive bidding process to become the exclusive vendor for installation and support of the DCTC's Taxicab Smart Meter System project.
Verifone will develop, install and support payment systems integrated with driver and passenger information tablet displays for all of the District's 6,500 taxis and providing electronic trip reporting, credit card payment processing, display of news and other programming, as well as safety alert activation features for both passengers and drivers. The contract also includes a Back Office Management Information System that will provide the DCTC with automated trip reporting and GPS location services.
"This presents a rare opportunity to significantly enhance the driving experience of District citizens and visitors while improving operations for drivers," said Mayor Vincent C. Gray. "The Taxicab Smart Meter System provides the riding public with new payment options and the opportunity to view digital content during trips. In addition, it improves manageability and accountability of the entire taxi fleet."
The 10-inch tablet passenger information modules (PIMs) will stream content from Verifone Digital Network (VNET), including news, weather, local and national content provided by NBC4 and NBC Universal. The PIM includes videos, interactive banners, clickable "tabs" and crawlers, interactive maps and micro sites for advertisers and partners.
"The District's state of the art system represents the expertise Verifone has developed in providing integrated secure payment and digital content solutions, which we call PAYMEDIA, for taxis and other market segments," said Amos Tamam, Verifone senior vice president, Taxi Systems. "We're extremely proud to add Washington, D.C., to the growing list of major cities utilizing our solutions and services."
The addition of 6,500 cabs in Washington, D.C., will increase Verifone's taxi media footprint by 23% to over 35,000 in the USA alone, delivering over 10 billion advertising impressions annually. VNET's TaxiTV now spans more than 11 major media markets across the Atlantic. Earlier this year it added Sky News to its London taxi content and last year reached an agreement with NBC owned television stations to deliver NBC Universal's award-winning content to markets throughout the US, including New York City, Boston, Chicago, Las Vegas, Philadelphia and San Francisco. Verifone taxi solutions are established in more than 50 cities worldwide.
Verifone Taxi Solutions
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Systems, Inc. These risks and uncertainties include: the successful rollout of Verifone payment systems in Washington D.C. taxis, customers' acceptance and adoption of Verifone's taxi and media solutions and other new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, Inc. ("Verifone") (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.