ROSH PINNA, Israel, March 14,
2018 /PRNewswire/ -- On Track Innovations Ltd.
(OTI) (NASDAQ: OTIV), a global provider of near field
communication (NFC) and cashless payment solutions, has
received new purchase order to deliver 8,000 of OTI's Uno-8
advanced secure contactless NFC readers to the Smart
ATM market.
Smart ATMs provide secure, fast, simple and convenient banking,
24 hours a day. Adding an OTI EMV certified contactless reader
provides an ATM with the ability to identify the account owner and
communicate with their smartphone.
The company expects the purchase order to be delivered in both
the second and third quarter of 2018, for which OTI will recognize
a one-time sale. Due to confidentiality, the terms of the contract
cannot be disclosed.
"ATMs that are integrated with OTI's innovative cashless readers
have become a power service platform and provide the added
functionality that clients are demanding," said Shlomi Cohen, OTI's Chief Executive Officer. "We
continue to lead the way in enabling this 'smart' functionality in
ATMs, as evidenced by our impressive ramp in contactless readers
from 1,800 in 2016, 10,000 in 2017, and 8,000 already in 2018."
About OTI
On Track Innovations (OTI) is a global leader in the design,
manufacture and sale of secure cashless payment solutions using
contactless NFC technology with a patent and IP portfolio. OTI's
field-proven innovations have been deployed around the world to
address cashless payment and management requirements for the
Internet of Payment Things (IoPT), wearables, automated retail and
petroleum markets. OTI distributes and supports its solutions
through a global network of regional offices and alliances. OTI is
the proud recipient of the 2017 AI Award for Best Cashless Payment
Solutions Provider – Israel. For
more information, visit 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,"
"would," "should," "will," "can" or similar expressions, we are
making forward-looking statements. For example, we are using
forward-looking statements when we discuss our expectations
regarding our growth or profitability, plans for our existing and
new products and services, penetration of new markets and securing
new customers, and delivery long-term shareholder value. 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. Forward-looking statements
could be impacted by the effects of the protracted evaluation and
validation periods in the U.S. and other markets for contactless
payment cards, or new and existing products and our ability to
execute production on orders, as well as other risks and
uncertainties, including those discussed in the "Risk Factors"
section and elsewhere in our Annual Report on Form 10-K for the
year ended December 31, 2016, and in
subsequent filings with the Securities and Exchange Commission.
Although we believe that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, we
can give no assurance that our 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
reader is cautioned not to place undue reliance on forward-looking
statements.
OTI Press Contact:
Richard Harris
Marketing Manager
press@otiglobal.com
Investor Relations:
Greg Falesnik
Managing Director
MZ Group - MZ North America
(949)385-6449
OTIV@mzgroup.us
www.mzgroup.us
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SOURCE On Track Innovations Ltd. (OTI)