oti Granted New U.S. Patent for Multi-Application Contactless Smart Card
ROSH PINA, ISRAEL -- (Marketwired) -- 02/26/14 -- On Track
Innovations Ltd. (NASDAQ: OTIV), a global provider of near field
communication (NFC) and cashless payment solutions under the brand
"oti," has been issued a new patent by the United States Patent and
Trademark Office (USPTO) that enhances its innovations in the field
of contactless smart cards.
The new U.S. patent No. 8,651,387, titled "Multi-Application
Contactless Smart Card," describes a multi-application contactless
smart card system and method that allows a user to select an
application using a unique switching mechanism located on board the
smart card. This innovation allows, for example, the accommodation of
several 'application cards' on the same physical card.
Generally, smart cards support a single application, such as a
particular credit card. However, today's consumers typically carry a
variety of credit cards, including a combination of debit and credit
cards, fuel cards, high-security identification and access-control
cards, public transport payment cards, and drivers licenses. Carrying
around these numerous cards can be cumbersome. However, oti's newly
patented technology solves this problem by allowing contactless smart
cards to support multiple uses.
According to BCC Research, smart card shipments are expected to reach
11.1 billion units or $7.3 billion in total sales by 2017. Smart card
technology is a major driving force for the payment transaction
market, since it allows customers to make secure payments. The rapid
growth of contactless smart cards is being driven by a multitude of
factors, including mobile device proliferation, new NFC standards,
faster processing speeds, increased security concerns, and consumer
demand for greater convenience.
The newly issued patent strengthens oti's growing presence in the
contactless payment market, where oti's payment solutions have been
certified by MasterCard, Visa, and others.
"Over the last 20 years, oti has continuously invested in
innovation," noted Dimitrios Angelis, the company's chairman and CEO
of oti America. "Through the patent system, we continue to create and
protect the value of technology that has been developed by our
engineers. This patent supports our ongoing efforts to
monetize our intellectual property through business operations,
licensing and related arrangements."
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
oti's profitability from the Multi-Application Contactless Smart Card
patent or other oti's patents and/or the successful monetization of
oti's intellectual p
roperty 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.
Chief Sales and Marketing Officer
Scott Liolios or Matt Glover
Liolios Group, Inc.
Press spacebar to pause and continue. Press esc to stop.