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Press Release
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For Immediate Release
OTI
Teams Up to Receive a $17 Million Contract to Provide Solutions and
Systems for
Electronic Identification Product
Iselin, NJ November 30, 2009
On Track Innovations Ltd. (OTI) (NASDAQ-GM: OTIV), a global leader in
contactless microprocessor-based smart card solutions for homeland security, payments,
petroleum payments, eID Systems and other applications, announced today that it has signed
a contract for the supply, transfer, maintenance and operation of an electronic
identification related product based on OTIs Magna platform. OTI has teamed up
with a reputable system integrator that will be responsible for project management and
local operation in the country. The contract provides for an initial three-year period and
minimum guaranteed amount of $17 million, starting in 2010. The project is funded based on
a Build-Operate-Transfer (BOT) model.
As part of the contract, OTI will
supply its end-to-end solution, based on its proprietary state-of-the-art ID Registry
Magna platform. OTIs system which will be deployed nationwide, provides
advanced software for ID management, bundled with secure biometric contactless cards. OTI
will also provide mobile enrollment stations, and will incorporate a biometric Automatic
Fingerprint Identification System (AFIS).
OTIs solution supports both
online and offline communication, thereby allowing every citizen, from cities to rural
areas to register, regardless of the areas communication infrastructure. The
solution is designed to provide maximum accuracy and security while being user friendly.
Oded Bashan, Chairman and CEO of OTI,
stated, This project is in line with OTIs strategy to focus on solutions and
projects that yield recurring revenues. OTIs Magna system demonstrates our
breadth of secured ID solutions. OTIs end-to-end Magna based solution,
complemented by the companys knowledge and experience, allows countries to access a
quick and cost effective path to implement secured identification and verification needs,
regardless of the countrys size and telecommunication infrastructure.
About OTI
Established
in 1990, OTI (NASDAQ-GM: 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 and loyalty programs. 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
www.otiglobal.com
, the content of which is not part of this press release.
Safe Harbor for
Forward-Looking Statements:
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.
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 OTIs 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, such as
those regarding the expected income to be generated from the contract to provide solutions
and systems for electronic identification related product, our strategy to focus on
solutions and projects that yield recurring revenues or regarding the superiority of our
technology and solutions. 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 OTIs Annual Report on Form 20-F for
the year ended December 31, 2008, 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. 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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OTI Contact:
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Investor Relations:
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Galit Mendelson
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Miri Segal
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Vice President of Corporate Relations
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MS-IR LLC
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201 944 5200 ext. 111
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917-607-8654
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galit@otiglobal.com
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msegal@ms-ir.com
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