Frias Transportation Infrastructure Provides VeriFone Proprietary Solutions Tech Start-up Based in Las Vegas Builds Innovative Systems for the Taxicab Industry; Scores a Major Sale
LAS VEGAS, Dec. 11, 2012 /PRNewswire/ -- Mark James, Chief Executive Officer of Frias Transportation Infrastructure, LLC (FTI), a Nevada based company, said today that it has recently closed a deal with VeriFone Systems, Inc., (NYSE: PAY) based in San Jose, California, for the purchase by VeriFone of intellectual property rights and software that FTI developed for the taxicab industry. FTI is an affiliate of Frias Transportation Management, the largest taxicab operator in Las Vegas with almost 1,000 taxicabs. Frias Transportation Management also operates charter buses and the highest volume airport shuttle operation at Las Vegas' McCarran airport, as well as Las Vegas Limousines, one of Nevada's largest providers of luxury and business transportation.
James, who is also CEO of the Frias Transportation Group, said that FTI was created to develop software infrastructure for both fleet operators and regulators in the taxicab and for-hire-vehicle industry.
"As one of its first projects, FTI developed from scratch several patent pending technologies to provide passenger interactive advertising and point-of-sale systems for taxicabs, as well as unique methods of distributing advertising and coupon booklets as transportation ticket vouchers. The system, trade named Roll Deals, was deployed in over 250 Frias taxicabs in Las Vegas, and was supplemented by FTI's Roll Magazine, which uses FTI's first-of-its-kind magazine-ticket voucher technology for distribution. For FTI, the sale of our innovations to VeriFone, the world market leader in payment and advertising solutions, represents a tremendous validation of our work in the field," James said.
"As a transportation software company affiliated with and run by one of the largest for-hire-vehicle operators in the country, FTI is uniquely positioned to provide software solutions to taxicab, limousine and other fleet operators, as well as regulators, and that is exactly what we are doing," James added.
VeriFone is the world market leader in developing and providing taxicab payment systems as well as advertising solutions both inside and outside the vehicle.
With the sale of its advertising and point-of-sale solutions to VeriFone, James says FTI's primary focus will be on its RideIntegrity project, a cloud based for-hire-vehicle management system aimed at industry regulators, with tools that include fare calculation, parameter enforcement, supply and demand monitoring, as well as solutions for consumers who desire to use third-party taxi hailing applications like that provided by Hailo and Uber Technologies.
SOURCE Frias Transportation Infrastructure