LAKS Introduces Watch to Double as a Payment Device Using MasterCard(R) PayPass(TM)

LAKS Introduces Watch to Double as a Payment Device Using MasterCard(R) PayPass(TM)

June 05, 2006

    VIENNA, Austria, June 5 /Xinhua-PRNewswire/ -- Austrian
watchmaker LAKS, which has often caused a sensation in the
past with its innovative products, has introduced a
breakthrough product for cashless transactions. Its latest
development, the LAKS SmartTransaction Watch(TM), is the
world's first watch equipped with MasterCard(R)
PayPass(TM), a new "contactless" payment feature
that provides consumers with a fast and convenient
alternative to cash for their everyday small purchases.  

    MasterCard PayPass offers consumers a convenient
alternative to cash that allows for small purchases to be
completed quickly, securely and easily. Consumers no longer
need to fumble for cash and coins, swipe a card, or sign a
receipt for any PayPass purchase under USD 25, -- (over USD
25, signature and receipt are required). Users simply tap
their PayPass-enabled card or device, such as these
watches, on the PayPass reader at participating merchants
and they are on their way.  

    LAKS CEO Lucas Scheybal sets out to spot international
trends early on and incorporate them in lifestyle
accessories. In his words: "The invention of the LAKS
SmartTransaction Watch(TM), equipped with MasterCard
PayPass, has once again put LAKS a step ahead of the game.
To obtain compliance with MasterCard PayPass
specifications, we built high security specifications into
an analog watch. Our watches are now set to enter one of
the most exciting markets of the future."

    Launched in line with the upcoming 2006 FIFA World
Cup(TM) in Germany, the watch has been created in
collaboration with Chinatrust Commercial Bank, one of the
largest credit card issuers in Taiwan, LAKS GmbH, a
well-known Austrian watchmaker and On Track Innovations
Ltd. (OTI) (Nasdaq: OTIV), a global leader in contactless
microprocessor-based smart card solutions. 
 
    LAKS has produced these "wrist-worn payment
devices" on behalf of Chinatrust. The limited edition
Chinatrust 2006 FIFA World Cup(TM) MasterCard PayPass watch
is being issued as a companion device to MasterCard credit
cards and has been designed in celebration of the FIFA
World Cup. The watch has a sporty exterior that showcases
soccer ball images on its face and will be offered to
consumers in three vibrant colors - green, blue and orange.

    
    LAKS founded 1986 by Lucas Scheybal, and is a true
family firm. Quality is the key to success for LAKS -- only
finest materials are used. The company's engineers are
involved in every stage of the development process from the
technologically advanced designs through to the production
of flawless watches. 

    LAKS Technological Breakthroughs:

    * LAKS Collection -- from Klimt to payment cards
    * LAKS Memory -- forget old-style USB memory sticks!
    * LAKS Memory Music -- your favorite songs on your
wrist
    * LAKS Smart Transaction Watch -- payment card on your
wrist

    For more information, please contact:

     Bettina Gottfried 
     LAKS GmbH
     Tel:  [phone]
     Web:  http://www.LAKS.com/project/paypass

SOURCE  LAKS GmbH