ROSH PINNA, Israel, March 26,
2018 /PRNewswire/ -- On Track Innovations Ltd.
(OTI) (NASDAQ: OTIV), a global provider of near field
communication (NFC) and cashless payment solutions, has launched
its cryptocurrency (CC) payment solution for the micropayment
market and automated machines. To OTI's knowledge, this is the
first and only CC payment solution on the market today for
automated machines and the micropayment market.
The innovative OTI system, which was developed following
extensive research into the market, allows the use of (CC) standard
mobile wallets. The company's solution is simple, easy to use,
fully secure method for micropayments, and tackles the significant
challenges of CC in automated machines and micro-payments. This
ground-breaking payment solution provides high-speed, low-fee
transactions, while also solving global currency exchange issues
that may arise from using CC as a form of payment.
"As a leader in cashless payment solutions over the past 28
years with a large installed base of technology solutions across
the globe, introducing the ability to pay with cryptocurrencies
seemed like a natural fit for our products, while also providing
our customers and consumers with even more payment options," said
Shlomi Cohen, OTI's Chief Executive
Officer. "We've always prided ourselves as being a company
that is large enough to service some of the world's largest
companies, yet nimble and flexible enough to rapidly adopt new
technologies, such as cryptocurrencies."
"We intimately understand the cryptocurrency market, as well as
all players involved. After thorough evaluation and market
research, we decided that OTI would invest some of our resources
towards developing a solution to address this market. To our
knowledge, there is no other solution on the market today and is
yet another solution that adapts to our customer needs and
preferences. Although this cryptocurrency solution may take time
for customer adoption and generations of meaningful sales, we
believe this new product offering will add great value for our
shareholders, and contribute to OTI's growth over the long-term,"
added Shlomi Cohen.
OTI has created a brief video that explains the cryptocurrency
payment solution and provides an example of use on a vending
machine. This video can be viewed by clicking here, or via the
following link:
https://www.youtube.com/watch?v=b02ZvPez23Q&feature=youtu.be.
About On Track Innovations Ltd.
On Track Innovations (OTI) is a global leader in the design,
manufacture, and sale of secure cashless payment solutions using
contactless NFC technology. OTI's field-proven innovations have
been deployed around the world to address cashless payment,
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
http://www.otiglobal.com.
Safe Harbor / 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, among others: our
expectations regarding our growth or profitability, traction with
our cryptocurrency efforts, and plans for our existing and new
products and services and our expectation of bringing tremendous
value to our industry while generating predictable, high-margin,
recurring revenues for the Company and great value for our
shareholders. Forward-looking statements are made as of the
date of this document and are inherently subject to risks and
uncertainties which could cause actual results to differ materially
from those in the forward-looking statements. Additional
factors that could cause actual results to differ materially from
those anticipated by our forward-looking statements are stated
under the captions "Risk Factors" in our most recent Annual Report
(Form 10-K) and other known and unknown uncertainties and risk
factors including those detailed from time to time in the Company's
filings with the Securities and Exchange Commission.
Forward-looking statements are made as of the date of this release,
and we expressly disclaim any obligation or undertaking to update
forward-looking statements. The reader is cautioned not to place
undue reliance on forward-looking statements.
Investor Relations:
Greg Falesnik
Managing Director
MZ Group - MZ North America
(949)385-6449
MBII@mzgroup.us
http://www.mzgroup.us
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SOURCE On Track Innovations Ltd. (OTI)