ROSH PINNA, Israel, June 28,
2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI)
(NASDAQ: OTIV), a global provider of near field communication (NFC)
and cashless payment solutions, today announced that it has
received a purchase order for 3,000 cashless payment systems from
Japan via its partner, Billing
Systems Cooperation (TSEL 3623), a leading payment service
provider.
The systems include OTI's turnkey solution, which is comprised
of a new UNO Plus EMV and FeliCa contactless
reader as well as the GoBox Multi-Service Telemetry
Gateway. OTI's GoBox is a powerful Machine-to-Machine
(M2M) controller, payment gateway and multi-services enabler for
unattended machines, providing innovative new revenue streams for
machine operators.
OTI's turnkey solution offers a single point of contact for
vending machine operators looking to implement cashless payment
solutions. The company expects the purchase order to be delivered
in the third quarter of 2018, for which OTI will recognize a
one-time sale, followed by a high-margin, recurring revenue stream
over the long-term. Due to confidentiality, the terms of the
contract cannot be disclosed. Once complete, OTI will have
delivered a total of 10,000 advanced payment systems to
Japan to-date.
"I am very pleased to report this new purchase order, which
increases our footprint in the key Japanese cashless payment
systems market to 10,000 units," said Shlomi Cohen, CEO of On Track Innovations. "At
an estimated six million units, the total estimated size of the
Japanese electronic vending machine market is significant, leaving
us a substantial runway to continue to execute with our partner,
Billing Systems Cooperation. I look forward to continued sales
execution in this key global market," concluded Cohen.
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. 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 / 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. Any statements that are not
statements of historical fact should be considered forward looking
statements. Whenever we use words such as "estimate," "believe,"
"expect," "anticipate," "intend," "plan," "would," "should,"
"will," "look-forward," "can" or similar expressions, we are making
forward-looking statements. For example, we are using
forward-looking statements when we discuss, among others: our plans
for the future, our plans for continued sales, our expectations
regarding future product launches and growth into new markets, our
ability to attract or retain customers, increases our footprint in
key markets, traction with our cryptocurrency efforts 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 Contact:
Greg Falesnik
MZ North America
+1-949-385-6449
Greg.Falesnik@mzgroup.us
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SOURCE On Track Innovations Ltd. (OTI)