OTI Receives an Order for 30,000 NFC and Contactless Payment Readers to be
Deployed in North America for Use in the Retail Petroleum Market
Deliveries of All Units are Expected This Year
OTI Designed a Custom-Built Antenna to Fit the Customer's Wide Range of
ROSH PINA, Israel, May 20, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd.
("OTI") (Nasdaq:OTIV) today announced receipt of a blanket order for 30,000 of
its Near Field Communication (NFC) and contactless payment readers for use in
North America from a global leader of integrated technology solutions in the
retail petroleum industry. OTI plans to deliver the entire order to its
customer this year and expects additional revenues for providing support
services to the customer. OTI expects to receive follow-on reader orders from
this customer later this year.
OTI worked closely with the customer to create a custom-built antenna
(hardware) and support the various contactless payment schemes (application)
on the reader itself, ultimately providing the customer with an OEM kit to fit
the customer's wide range of products. OTI was chosen over its competitors for
its proven ability to solve the customer's specific needs based on its
know-how and extensive intellectual property.
In addition to the major card associations' contactless programs, OTI embedded
the ISIS NFC SmartTap Reader Application on the custom-built OEM kit.
With its SCI OEM integrated solution and the Saturn outdoor and indoor line of
readers, OTI readers provide an easy, cost effective plug-and-play solution to
support the migration toward contactless payment and NFC, necessary to support
the increasing adoption of NFC payment technology across the world.
OTI's NFC readers are certified by the world's major credit card associations
– including MasterCard, Visa, American Express, Discover and Interac for their
contactless programs. Also, OTI's state of the art manufacturing facilities
and products received the prestigious Terminal Quality Management (TQM)
certification from MasterCard. The TQM scheme was created by MasterCardto
ensurethat the functionality of chip terminals, as certified during type
approval testing by EMVCo, can be sustained throughout a manufacturing cycle.
OTI holds extensive intellectual property portfolio pertaining to NFC
technology, 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
payment, secure ID, petroleum and parking solutions.
"The relationship we established with this customer illustrates our expertise
in NFC and contactless solutions as we were able to deliver a first-rate user
experience to our customers," said Ofer Tziperman, OTI's CEO. "We see
increased demand for NFC readers in North America, a trend which goes
hand-in-hand with the market increasing early adoption of NFC."
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs, develops and markets secure payment
solutions, national ID solutions such as eID, driver license and passports,
based on its extensive patent and IP portfolio. OTI combines
standards-compliant and 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's solutions have been deployed around the world to address
national ID, medical ID, contactless payment and NFC solutions, loyalty
applications, petroleum payment, parking and mass transit ticketing and
homeland security. OTI markets and supports its solutions through a global
network of regional offices, distributors 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
and not on factual events, 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 deployment and actual delivery
of the NFC contactless payment readers in the U.S. during the present year, or
related to the expected revenues to be generated from the aforesaid order of
OTI's NFC contactless payment readers. 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 which are or
might be beyond the company's control and which are further 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 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 are not
part of this press release.
CONTACT: OTI Contacts:
VP, Corporate Relations
732 429 1900 ext. 111
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