ROSH PINNA, Israel, Dec. 4,
2018 /PRNewswire/ --
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global
provider of near field communication (NFC) and cashless payment
solutions, has received a purchase order for more than 3,000
advanced payment systems to the massive Russian retail self-service
market from a current customer. This order follows OTI's successful
acceptance of the mandatory MIR certification in the ever-growing
Russian market.
To date, OTI has delivered more than 11,000 advanced payment
systems in the Russian self-service market. Due to confidentiality,
the terms of the agreement cannot be disclosed.
The MIR credit card approval grants OTI's Russian customers with
the ability to use OTI cashless payment solutions as a convenient
way to pay in the Russian unattended automated machines. The
Russian national payment system created the Mir payment card in
2014 with the primary objective of sovereign payments to be
independent of foreign organizations; By the end of 2016, 1.76
million Mir cards issued by 64 banks, and according to the Bank of
Russia in September 2017, 30 million Mir cards planned for
release.
"This latest purchase order underscores our customers commitment
to OTI as a company with the most advanced technologies and highest
security standards. This traction also further solidifies us as a
major player in the Russian and European markets," said OTI's CEO,
Shlomi Cohen. "We look forward to a
bright future in Eastern Europe as
we continue to deliver best-in-class advanced payment solutions for
Russia, one of our top strategic
markets."
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
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. Any statements that are not
statements of historical fact should be considered forward looking
statements. Whenever we use words such as "will," "look forward,"
"anticipate,", "plan," "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 expectations regarding future product launches
and growth into new markets such as the Russian market, the
importance of the MIR certification in Russia, sources of revenue and anticipated
revenue, including the contribution from the growth of new
products, services and markets 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
OTI
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SOURCE On Track Innovations Ltd