OTI Begins Shipping New Order of 10,000 NFC Readers to Major U.S. Unattended
Point of Sale System Integrator
Total OTI Saturn Readers Sold Surpasses 600,000 Unit Milestone
ROSH PINA, ISRAEL -- (Marketwired) -- 01/14/14 -- On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC), has received an initial purchase order for
10,000 Saturn 6500(TM) readers from a leading U.S.-based systems
integrator serving the unattended point of sale market segment.
The order follows a successful pilot program completed in December.
OTI has since begun to deliver volume shipments of Saturn 6500s to
the integrator for distribution to its nationwide customer base.
The Saturn 6500 is a secured NFC and contactless reader built
specifically for the unattended machine market, providing quick and
easy support for electronic payments. Such cashless payments can
increase sales by 20% or more since it does not limit the purchase to
the cash in a customer's pocket.
"This win represents another example of our NFC readers meeting the
demanding needs of our global customers and partners," said Ofer
Tziperman, the company's CEO. "A key determining factor in
establishing this valuable new relationship was our ability to
quickly customize our Saturn reader to meet the customer's unique
specifications under a strict timeline. This capability, coupled with
our highly reliable and secure NFC technology, continues to provide
significant competitive advantages where we are able to supplant
existing competitive technology as well as create new opportunities
for implementing our patented NFC-based systems."
The $50 billion unattended machine market presents a tremendous
growth opportunity for OTI. There are more than 30 million food and
drink vending machines worldwide, with a vast majority lacking
cashless transaction capabilities. This is in addition to the
increasing number of ticket machines, parking meters, supermarket
self-checkouts, Laundromats, photo kiosks, internet access terminals,
bike kiosks and other locations that involve unattended cashless
"Our accelerating sales momentum and growing industry adoption as the
'de facto standard' for NFC technology reveals that the market is at
a tipping point in the transition to cashless payments," added
Tziperman. "Given the strength of our IP and global presence, OTI is
ideally positioned to capitalize on this multi-billion dollar
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 retail
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 and other cashless 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, visit www.otiglobal.com.
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. For
example, forward-looking statements include statements regarding
receipt of future consideration from the sale of OTI's SmartID
Division, OTI's long term growth and profitability, further
penetration of the NFC markets and execution of OTI's growth plans.
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.
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Scott Liolios or Matt Glover
Liolios Group, Inc.
Chief Sales and Marketing Officer
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