OTI to Supply the City of Warsaw Multiple Application Contactless Cards for Public Transportation and Parking Solutions
July 25 2006 - 3:23AM
PR Newswire (US)
Order is for approximately 400,000 cards FORT LEE, N.J., July 25
/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, today announced that its
subsidiary, ASEC S.A. ("ASEC") of Poland, has been awarded a tender
by the Transport Department of the City of Warsaw to provide public
transportation and street parking contactless tickets. Deliveries
have commenced this month. Warsaw residents will be able to use
these cards as electronic tickets for their bus, tramway, or metro
ride using one card, as well as paying fees for on street parking.
The new tender further strengthens the introduction of OTI to new
markets in the emerging European countries. This is another tender
win for OTI in mass transit ticketing solutions, allowing OTI to
bring its significant experience and technology platform to
different cities and transit operators. Anat Arazi, President of
ASEC added: "This is a natural extension of ASEC's offer of
existing back office systems for transit and parking solutions and
we are looking forward to be working with the City of Warsaw." Oded
Bashan, President & CEO of OTI commented: "OTI is pleased to be
the chosen provider for City of Warsaw mass transit system,
especially considering Poland's technological leadership among the
new members of the European Union. OTI's ticketing solutions
provide a technology platform to support scalable multiple
applications, enhancing the user experience at the
point-of-payment." 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, 2005, 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. Contact:
OTI: 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: OTI,
Galit Mendelson, Director of Corporate Communications, On Track
Innovations Ltd, +1-201-944-5200, ext. 111, ; Media Relations, Adam
Handelsman, of 5W Public Relations for On Track Innovations Ltd,
+1-212-999-5585, Web site: http://www.otiglobal.com/
Copyright
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jun 2024 to Jul 2024
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jul 2023 to Jul 2024