OTI Signs Its Largest Purchase Contract for NFC Readers, Valued at More Than
Initial Shipment of 40,000 Readers Scheduled for Delivery to U.S.
Channel Partner by Year-End
ROSH PINA, ISRAEL -- (Marketwired) -- 11/05/13 -- On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC) technology, has signed a major contract to supply
its NFC readers to one of its U.S. channel partners who primarily
serves the unattended retail market in North America. The agreement
requires the channel partner to purchase more than $10 million in OTI
NFC readers over a three-year term.
OTI has received purchase orders for an initial 40,000 readers, which
it plans to ship by the end of 2013. The agreement covers multiple
models of OTI's Saturn 6500 NFC readers, including its most advanced
Saturn 6500 EM+ which supports EMV transactions.
"Our Saturn 6500 NFC readers are the perfect solution for the
unattended retail market," said OTI's CEO Ofer Tziperman. "When
integrated into kiosks or vending machines, it presents customers
with a quick and easy way to pay, which promotes more frequent
purchases and increased revenue for the retailer."
"This contract represents the largest single reader win for our
company, and is the result of our recent strategic shift to focus
primarily on building our core contactless transaction and NFC
technology business," continued Tziperman. "This win also reflects
increasing traction for greater adoption of NFC. In fact, compared to
last year, we have already more than doubled the number of readers we
have shipped globally. Hence, we're confident the adoption of our
patented NFC solutions will continue to expand over the months and
About the Saturn 6500 NFC Reader
The Saturn 6500 NFC Reader offers
convenient and flexible payment card transactions, by either magnetic
stripe or by contact or contactless methods, and is fully certified
by all leading card associations. The reader's modular design is
easily installed with various connection options, making the Saturn
6500 NFC Reader a perfect solution for pay-at-the-pump, drive-thru,
vending machines, self-serve laundry and other unattended re
applications. The reader employs OTI's patented 'matched antenna'
technology that provides reliable and secure device communication.
On Track Innovations Ltd. (OTI) is a leader in
contactless and NFC applications based on its extensive patent and IP
portfolio. OTI's field-proven innovations have been deployed around
the world to address NFC payment solutions, petroleum payment and
management, cashless parking fee collection systems and mass transit
ticketing. OTI markets and supports its solutions through a global
network of regional offices and alliances. For more information,
Safe Harbor for Forward-Looking Statements
This press release may
contain 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. 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. The
forward-looking statements contained in this press release are
subject to other risks and uncertainties, including those discussed
in the "Risk Factors" section and elsewhere in OTI's annual report on
Form 20-F for the year ended December 31, 2012 and in subsequent
filings with the Securities and Exchange Commission. 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.
Chief Sales and Marketing Officer
Scott Liolios or Matt Glover
Liolios Group, Inc.
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