OTI Receives $2 Million in Orders for NFC and Contactless Payment Readers for Use in the U.S.
October 15 2012 - 8:30AM
On Track Innovations Ltd. ("
OTI") (Nasdaq:OTIV)
today announced receipt of orders valued at approximately $2.0
million for its Near Field Communication (NFC) and contactless
payment readers. OTI plans to deliver part of the NFC and
contactless payment readers to its customer in 2012, and the rest
in 2013.
With its SCI OEM integrated solution and the Saturn outdoor and
indoor line of readers, OTI's NFC and contactless payment readers
provide an easy, cost-effective plug-and-play solution for
businesses across the globe. These lines of NFC and contactless
payment readers support the increasing adoption of NFC payment
technology by retail stores, vending machines and other points of
purchase. OTI's NFC and contactless payment readers are certified
by major credit card associations – including MasterCard, Visa,
American Express, and Discover – for their contactless
programs.
"We are excited to support the growing use of NFC and
contactless payment technology in the U.S. Our line of NFC and
contactless payment readers provide a robust and durable solution
that assures superior user experience at the point of sale," said
Oded Bashan, OTI's Chairman and CEO. "OTI provides an excellent
alternative to customers who are looking for a financially solid,
high quality supplier. This is in addition to several orders for
more than 50,000 readers received from other customers this year
for readers which are distributed across the U.S. and Europe."
OTI manufactures the NFC and contactless payment readers in its
state of the art manufacturing facility, which received the
Terminal Quality Management (TQM) certification from MasterCard.
The TQM certification was created by MasterCard to
ensure that the functionality of chip terminals, as certified
during type approval testing by EMVCo, can be sustained throughout
a manufacturing cycle.
About On Track Innovations Ltd.
(www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs,
develops and markets ID-credentialing, payment and loyalty
applications based on its extensive patent and IP portfolio. OTI
combines standards-compliant and state-of-the-art, contactless
microprocessor-based technologies and enabling hardware with
proprietary software applications to deliver high performance,
end-to-end solutions that are secure, robust and scalable. OTI
solutions have been deployed around the world to address homeland
security, national ID, medical ID, contactless payment and NFC
solutions, loyalty applications, petroleum payment, parking and
mass transit ticketing. OTI markets and supports its solutions
through a global network of regional offices and alliances.
OTI is a pioneer in the contactless payment market and has
supported MasterCard and Visa, among others, in the creation and
implementation of contactless transaction processing and payment
solutions. OTI provides NFC enabled devices and reader solutions
including its COPNI ("Contactless Payment and NFC Insert") device
that adds NFC capability to existing mobile phones.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
Safe Harbor for
Forward-Looking Statements
This press release contains 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 "will", "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 and not on factual events, 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 statements related to the deployment and
actual delivery of the NFC contactless payment readers in the U.S.
during the present year, or related to the expected revenues to be
generated from the aforesaid order of OTI's NFC contactless payment
readers. 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 which are or might be beyond the company's control and
which are further discussed in OTI's Annual Report on Form 20-F for
the year ended December 31, 2011, 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.
The content of websites or website links mentioned or provided
herein are not part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Media Relations:
Joe McGurk/Elizabeth Austin
KCSA Strategic Communications
212.896.1231/212.896.1241
jmcgurk@kcsa.com/eaustin@kcsa.com
Investor Relations:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com /grussell@kcsa.com
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