OTI Delivers Garanti Bank of Turkey Contactless Card Solutions
September 05 2006 - 3:00AM
PR Newswire (US)
Program is Part of MasterCard(R) PayPass(TM) Launch in Europe FORT
LEE, N.J., Sept. 5 /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 Garanti Bank of Turkey 'Tap &
Go(TM)' inlay solutions. As previously announced, Garanti bank is
reissuing "Tap & Go(TM)" cards, which use MasterCard PayPass
technology, to its Bonus cardholders. Mehmet Sezgin, General
Manager, Garanti Payment Systems, said: "OTI's extensive experience
provides a reliable and cost-effective way to bring contactless
solutions to our market. The possibility of any form factor
necessary such as inlays, key fobs, wristwatches, including reader
solutions, will help us differentiate ourselves in Turkey's highly
competitive payments market. Garanti Bank is the third largest
private bank in Turkey. Oded Bashan, Chairman, President and CEO of
OTI commented: "We are happy to support Garanti bank in its
initiative for contactless payments. With OTI experience and
expertise, we allow our customers to introduce a cost-effective,
reliable and secure solution in short time to market." 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 and 2006 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. 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 of On Track
Innovations Ltd., +1-201-944-5200, ext. 111, ; or Media Relations:
Adam Handelsman of 5W Public Relations, +1-212-999-5585, Web site:
http://www.otiglobal.com/
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