OTI Provides Update About Patent Infringement Suit Against T-Mobile
The Claim Construction Hearing (Markman) Hearing is Complete
ROSH PINA, Israel, May 13, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd.
("OTI") (Nasdaq:OTIV) today provided an update regarding the patent
infringement lawsuit alleging that Near Field Communication (NFC) enabled
phones sold by T-Mobile USA, Inc. infringe OTI's U.S. Patent No. 6,045,043. A
technology tutorial followed by a claim construction (Markman) hearing before
the Court, was completed this week. In the hearing, the Court considered the
meaning of certain technical terminology used in the patent claim. The
lawsuit is pending in the United States District Court for the Southern
District of New York and was filed in March, 2012. The date of the Court's
decision following the Markman hearing was not specified.
This patent is part of OTI's extensive intellectual property portfolio,
including over 100 issued patents and pending patent applications encompassing
product applications, software platforms, system and product architecture,
product concepts and more in the fields of NFC, contactless payments, secure
ID, petroleum and parking solutions.
The board of directors of OTI has recently established a dedicated patent
committee to leverage the intellectual property of OTI. The committee is
assessing several options to do so.
OTI is a pioneer in the contactless payment market and supported MasterCard
and Visa, among others, in the creation and implementation of contactless
transaction processing and payment solutions. OTI provides NFC devices and
reader solutions including the COPNI (Contactless Payment and NFC Insert)
device, which adds NFC capability to existing (non-NFC) mobile phones.
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs, develops and markets secure
identification, payment and transaction processing technologies and solutions
for use in secure ID, payment and loyalty applications based on its extensive
IP portfolio. OTI combines state-of-the-art contactless microprocessor-based
technologies and enabling hardware with proprietary software applications to
deliver high performance, end-to-end solutions that are secure, robust and
scalable. OTI solutions have been deployed around the world to address
homeland security, national ID, medical ID, Near Field Communication (NFC),
contactless payment and loyalty applications, petroleum payment, parking and
mass transit ticketing. OTI markets and supports its solutions through a
global network of regional offices and alliances.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995 and other Federal securities laws. Whenever we use words such as
"will", "believe," "expect," "anticipate," "intend," "plan," "estimate" or
similar expressions, we are making forward-looking statements. Because such
statements deal with future events and are based on OTI's current
expectations, they are subject to various risks and uncertainties and actual
results, performance or achievements of OTI could differ materially from those
described in or implied by the statements in this press release. For example,
forward-looking statements include statements regarding our goals, beliefs,
future growth strategies, objectives, plans or current expectations such as
statements related to the expected revenues to be generated from this patent.
Forward-looking statements could be impacted by market acceptance of new and
existing products and our ability to execute production on orders, as well as
the other risk factors discussed in OTI's Annual Report on Form 20-F for the
year ended December 31, 2012, which is on file with the Securities and
Exchange Commission. Although OTI believes that the expectations reflected in
such forward-looking statements or their implications are based on reasonable
assumptions, it can give no assurance that its expectations will be achieved.
Except as otherwise required by law, OTI disclaims any intention or obligation
to update or revise any forward-looking statements, which speak only as of the
date hereof, whether as a result of new information, future events or
circumstances or otherwise.
The content of websites or website links mentioned or provided herein is not
part of this press release.
CONTACT: OTI Contact:
VP, Corporate Relations
732 429 1900 ext. 111
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