OTI Delivers Taipei Fubon Bank Key Fobs Enabling Quicker Purchases
May 22 2006 - 3:00AM
PR Newswire (US)
Innovative Payment Tool - MasterCard(R) PayPass(TM) Contactless
Payment Feature on 3-D Soccer Ball Key Chain FORT LEE, N.J., May 22
/PRNewswire-FirstCall/ -- On Track Innovations Ltd. (OTI)
(NASDAQ:OTIV), a global leader in contactless microprocessor-based
smart card solutions for homeland security, payments, petroleum
payments and other applications, announced today that it is
providing Taipei Fubon Bank a 'Tap & Go(TM)' key fob solution.
The device complies with MasterCard(R) PayPass(TM) and fits on a
key chain for easy access, so customers can make purchases with a
simple tap on a contactless reader at participating merchants.
Taipei Fubon Bank is offering the new device to its customers as
part of their 2006 FIFA World Cup(TM) promotion. Customers have the
opportunity to win prizes when using their PayPass-enabled key fob
to pay for their purchases. The grand prize is a trip to watch the
2006 FIFA World Cup in Germany. OTI's extensive experience provides
a reliable and cost-effective way to bring contactless solutions to
the market in any form factor necessary. OTI's solution meets the
stringent security requirements of the payments industry, while
also providing the speed and convenience that is essential in
contactless transactions. OTI provides a personalization solution,
tailored to the special needs of unique form factors. Taipei Fubon
Bank has the largest network of branches among privately owned
banks in Taiwan and the highest market share in Greater Taipei.
"OTI brings experience in contactless payment that is second to
none. Providing a complete solution, we allow our customers to
introduce a cost- effective, reliable and secure solution in short
time to market," said Oded Bashan, Chairman, President and CEO of
OTI. To see an image of the key fob, please click here
http://www.taipeifubon.com.tw/html/card_news/950503/2006FIFA.htm.
About OTI Established in 1990, OTI (NASDAQ:OTIV) designs, develops
and markets secure contactless microprocessor-based smart card
technology to address the needs of a wide variety of markets.
Applications developed by OTI include product solutions for
petroleum payment systems, homeland security solutions, electronic
passports and IDs, payments, mass transit ticketing, parking,
loyalty programs and secure campuses. OTI has a global network of
regional offices to market and support its products. The company
was awarded the Frost & Sullivan 2005 Company of the Year Award
in the field of smart cards. For more information on OTI, visit
http://www.otiglobal.com/. Safe Harbor for Forward-Looking
Statements: This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 and other Federal securities laws. Whenever we use words
such as "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. 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, 2004, 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. 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. OTI
Contact: Media Relations Galit Mendelson Adam Handelsman Director
of Corporate Communications 5W Public Relations 201 944 5200 ext.
111 212 999 5585 DATASOURCE: On Track Innovations Ltd. CONTACT:
Galit Mendelson, Director of Corporate Communications for OTI,
+1-201-944-5200 ext. 111, ; Media Relations - Adam Handelsman of 5W
Public Relations, +1-212-999-5585, Web site:
http://www.otiglobal.com/
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