Cubic Awarded Contracts Totaling $8 Million from New York City Transit.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 9, 2001 Cubic Transportation Systems, a subsidiary of San Diego-based Cubic Corp. (AMEX AMEX See: American Stock Exchange :CUB), has been awarded two contracts totaling $8 million to provide more gating and computer equipment to support New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Transit's (NYCT NYCT New York City Transit NYCT New York Community Trust NYCT New York Circle of Translators ) popular MetroCard(R) system. The largest contract, worth just under $7 million, will provide 250 new High Barrier Entry/Exit Turnstiles, the protective gating system installed throughout the subway system. In addition, the company has been awarded a three-year $1 million software maintenance contract for the NYCT's central computer system. NYCT will receive the first shipment by the end of the year and 25 additional high barrier turnstiles every month until the summer of next year. The central computer system stores all data collected on the transit system's MetroCard reloadable magnetic stripe card A magnetic stripe card is a type of card capable of storing data by modifying the magnetism of tiny iron-based magnetic particles on a band of magnetic material on the card. , including entries, transfers, fares and discounts. It handles more than 6.5 million transactions daily for New York City Transit's bus and rail systems, Long Island Bus and the New York City Department of Transportation, which contracts with seven independent bus operators. Cubic Transportation Systems is the world's largest supplier of integrated ticketing and automated fare collection systems for mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a and the technology developer behind the Nextfare(TM) Solution Suite, a package of advanced tools that can be integrated into any magnetic stripe or smart card-based fare collection system. Nextfare Express, the Washington Metropolitan Area The Washington Metropolitan Area, formally known as the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is a U.S. Metropolitan Statistical Area (MSA) as defined by the United States Office of Management and Budget (OMB) as of November 2004. Transit Authority's SmartBenefits program, enables employers to securely and conveniently deliver transit fare products as part of their flexible benefits offering. On an annual basis, at least 10 billion passengers pay for their mass transit rides using Cubic-designed payment systems in more than 40 major markets on five continents, including but not limited to London, Washington DC, Hong Kong, Chicago, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Guangzhou and Shanghai, China, Atlanta, San Francisco, Sydney, Australia, Singapore and Miami. |
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