OTI RECEIVES US PATENT FOR CONTACTLESS SMART SIM
Iselin, NJ, January 17, 2012 -
On Track Innovations Ltd. (“OTI”) (NASDAQ GM: OTIV) today announced that the United States Patent and Trademark Office has issued U.S. Patent No. 8,090,407 for adding contactless capability to existing mobile handsets through contactless smart SIM technology and concept.
This latest patent, entitled “Contactless Smart SIM”, was issued on January 3, 2012, and covers the capabilities necessary to turn existing mobile handsets into Contactless / NFC capable devices through the incorporation of a SIM card and a specifically designed antenna, all while keeping the phone and operating system fully agnostic.
This patent is part of OTI’s extensive patent and IP portfolio, including over 100 issued patents and patent applications in various stages of preparation encompassing product applications, software platforms, system and product architecture, product concepts and more in the fields of contactless payments and Near Field Communications (NFC); ID; Petroleum and Parking solutions.
Oded Bashan, OTI’s Chairman and CEO, commented, “This new patent granted to OTI by the USPTO is a further recognition of the uniqueness and applicability of OTI’s technology. This patent will ensure that our highly sophisticated technology, which we continuously look to leverage through licensing and partnership opportunities, is protected for years to come, allowing us to establish a cost effective implementation of aftermarket NFC solutions and create additional sources of revenue.” About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. (“OTI”) designs, develops and markets secure identification, payment and transaction processing technologies and solutions for use in secure ID, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines state-of-the-art, contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, contactless payment and loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.Safe Harbor for Forward-Looking Statements
This press release contains 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 “will”, "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 statements related to the expected revenues to be generated from this patent. 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, 2010, 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.
The content of websites or website links mentioned or provided herein are not part of this press release.OTI Contacts:
Galit Mendelson Jay M. Meier
VP, Corporate Relations SVP, Business Development & Investor Relations
732 429 1900 ext. 111 OTI America, Inc.email@example.com
732 429 1900 ext. 104
Norberto Aja/David Collins
Jaffoni & Collins