OTI'S WHOLLY OWNED SUBSIDIARY IN POLAND -- ASEC --- WINS ADDITIONAL AWARD FOR 700,000 MULTI-APPLICATION CONTACTLESS CARDS FROM THE CITY OF WARSAW
Contactless Cards are Used for Public Transportation and Parking Solutions
Iselin, NJ – November 4, 2009 - On Track Innovations Ltd (OTI) (NASDAQ GM: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that its subsidiary in Poland, ASEC S.A. (“ASEC”), will provide the Transport Department of the City of Warsaw with 700,000 public transportation and street parking contactless e-tickets. Warsaw residents use OTI’s contactless cards for bus, tram, and metro rides, as well as for street parking. The contract award deliveries are expected to start this year. This is an additional award, bringing the total number of cards supplied for this program to 2.7 million.
As previously announced ASEC also serves as an e-ticketing operator for Warsaw City Card system and provides a sales network system, infrastructure, distribution service and maintenance for loading of transportation electronic cards around the city. Direct revenues are generated from transaction fees.
Established in 1990, OTI (NASDAQ- GM: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
Safe Harbor for Forward-Looking Statements:
This press release may contain 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 "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, 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 those regarding the expected income to be generated from the orders for contactless cards from the Transport Department of the City of Warsaw and the expected timing of delivery of such orders or those regarding the expected direct revenues to be generated from transaction fees from the Warsaw City Card system . 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 discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2008, 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.