2018

On Track Innovations Signs Long-Term Service Contract with Mazowieckie Railways

Rosh Pinna, Israel – June 6, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced a new long-term service contract with the Mazowieckie Railways Company.

As part of the four-year contract, which as an estimated value of $155,000, OTI Europa will provide and maintain Mazowieckie Railways’ Masovian Smart Cart IT system in support of electronic ticket sales. Mazowieckie Railways is part of an integrated public transit system that provides regional passenger rail service on behalf of the Mazowieckie voivodeship local government, Poland’s largest and most populous province.

“We are pleased that Mazowieckie Railways chose OTI as their partner for ongoing IT support,” said Shlomi Cohen, CEO of On Track Innovations. “Our significant experience within the European mass transit market positions us favorably for future contract wins in this segment. This multi-year service contract stands as a testament to our continued efforts to build a steady base of long-term recurring revenues, which we believe will be a notable long-term value driver for our shareholders. We look forward to continued execution on this front.”

 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. Whenever we use words such as “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 expectations regarding future product launches and growth into new 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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On Track Innovations Secures New Ticketing Contract in Poland

ROSH PINNA, Israel, May 29, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the “Company” or “OTI”), a global provider of near field communication (NFC) and cashless payment solutions, has announced that the Company’s European branch, OTI Europa ASEC (ASEC S.A.), has signed a new agreement to provide intermediation in the sale of train tickets for trains operated by Mazowieckie Railways in Poland.

As part of the contract, OTI Europa ASEC will provide service to the Masovian Card and share information via the info-kiosk using 84 ticket vending machines. The contract has a one-year value of approximately $500,000 USD to OTI.

“Our ticketing sales network in Poland continues to gain traction in a meaningful way, which we view as a testament to the value we offer to our customers,” said Agnieszka Swiatly, Managing Director, OTI Europa ASEC.  “We look forward to a long and successful relationship with Mazowieckie Railways as we work to expand our footprint and gain additional market share in the year ahead.”

About Mazowieckie Railways

Since 2005, the Mazowieckie Railways has provided a public service in the field of regional rail passenger services on behalf of the Mazowieckie voivodeship local government.  Mazowieckie has provided high-quality passenger rail transport in the Warsaw agglomeration and the rest of the Mazowieckie Voivodeship, as part of an integrated public transport system.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. It creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.

OTI Europa ASEC is a part of OTI – On Track Innovations group. For more information, visit www.otieuropa.com.

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 for 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,” “will,” “look forward” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding gain additional market shares, our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers and deliver long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 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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On Track Innovations to Present at the Ladenburg Thalmann Technology Expo in New York on May 31

Rosh Pinna, Israel – May 25, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that management is scheduled to present at the Ladenburg Thalmann Technology Expo in New York City. The conference is being held on May 31, 2018, at Convene on Park Avenue.

On Track Innovations management will host one-on-one meetings throughout the day on May 31st and is scheduled to present as follows:

Ladenburg Thalmann Technology Expo

Date: Thursday, May 31, 2018

Presentation Time: 8:30 a.m. Eastern time

Location: Park Hub East Room – Convene, 101 Park Avenue, New York City

Registration is mandatory for conference participation. For more information on the conference or to schedule a one-on-one meeting, please contact your Ladenburg Thalmann representative.  

 

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. 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 plans for the future, 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

Read more...

On Track Innovations Ltd. Reports First Quarter 2018 Financial Results Q1 2018 Revenues Increase 46% to $5.9 Million

ROSH PINNAIsraelMay 9, 2018 /PRNewswire/ — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the “Company” or “OTI“), a global provider of near field communication (NFC) and cashless payment solutions, has provided a business update and announced financial results for the first quarter ended March 31, 2018.

Company Highlights:

  • Revenues in Q1 2018 grew by 46% to $5.9 million, compared to $4.0 million in Q1 2017.
  • Net loss in Q1 2018 was $333,000, or $(0.01) per share, compared to a net loss of $865,000, or $(0.02) per share in Q1 2017.
  • Positive adjusted EBITDA of $114,000 in Q1 2018, compared with an adjusted EBITDA loss of $309,000 in the same year-ago period.
  • Launched the first cryptocurrency payment solution for automated machines and the micropayment market.
  • Expanded footprint in Poland through new government contracts, including:
    • Recurring revenue contract with the Polish National Post Office (Poczta Polska S.A.) to manage Warsaw’s public transportation “Smart City” card program (i.e. purchase or refill cards for travel via train, bus, or other mode of public transportation). OTI will be providing both the payment portion, as well as the software, in 272 terminals throughout post offices in Warsaw, whereby OTI will manage and control the entire sales and payment process.
    • The design and implementation of the Kasa + passenger support service system
  • Received the following significant purchase orders:
    • 8,000 UNO 8 Readers for the “Smart ATM” market
    • 2,000 cashless payment systems for use in the nascent Japanese market
    • More than 10,000 TRIO readers for use in the North American retail market
    • 1,000 OtiMetry Cashless Payment Solution kits to Polish vending giant AUTOMAT-SPEC

Management Commentary

“The first quarter of 2018 was highlighted by our strong operational execution and growth across several of our business units,” said Shlomi Cohen, Chief Executive Officer of OTI. “This is evidenced by our first quarter revenue growth of 46% and second quarter in a row of positive adjusted EBITDA results as move towards profitability.

“Our continued penetration of public transit markets in Poland and cashless readers in several key global markets, such as Japan and North America, are very promising, while our growing recurring revenue base — which accounted for 24% of revenues in the first quarter — provides us with predictable, high-margin cash flow. In addition, we have several groundbreaking initiatives — such as our cryptocurrency payment solution for automated machines and the micropayment market — which to the best of our knowledge is the first and only of its kind available on the market today.

“As a thought leader in the cashless payment solutions arena, we are confident that our continued innovation and operational execution across all business units has put OTI in a position to continue gaining market share and generate significant value for its shareholders.”

Q1 2018 Financial Highlights

  • Total revenue in the first quarter of 2018 increased by 46% to $5.9 million, compared to $4.0 million in the same year-ago period. The increase was primarily driven by the retail and mass transit ticketing segment of the business, which grew revenues 65% to $4.5 million in Q1 2018, compared to $2.7 million in the same year-ago period.
  • Recurring revenues accounted for 24% of total revenues in Q1 2018, compared to 20% of total revenues in the prior quarter.
  • Gross profit increased to $3.1 million (53% of revenues), a 40% increase over $2.2 million (55% of revenues) in the same year-ago period.
  • Operating expenses totaled $3.4 million in the first quarter, compared to $2.9 million in the same year-ago period.
  • Net loss in Q1 2018 totaled $333,000, or $(0.01) per share, compared to a net loss of $865,000 or $(0.02) per share in the same year-ago period.
  • Positive adjusted EBITDA totaled $114,000 in Q1 2018, compared with an adjusted EBITDA loss of $309,000 in the same year-ago period.
  • Cash and cash equivalents at March 31, 2018 totaled $10.5 million, compared to $10.1 million at December 31, 2017.
  • Positive net cash provided by continuing operation activities totaled $0.9 million in Q1 2018, compared to negative net cash used by totaled $0.7 million in the same year-ago period.

Conference Call

Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI’s first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Date: Wednesday, May 9, 2018
Time: 9:00 a.m. Eastern time
U.S. Dial-in: 1-888-317-6002
International Dial-in: 1-412-317-5245
Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q1 2018 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

Use of Non-GAAP Financial Information

This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock based compensation expense, patent litigation and maintenance expenses and other expenses. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company’s operations since it provides a clearer indication of the Company’s operating results. This measure should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for the U.S. GAAP results. The non-GAAP measures included in this press release have been reconciled to the U.S. GAAP results in the tables below.

 

ON TRACK INNOVATIONS LTD.
RECONCILIATION OF NON-GAAP ADJUSTMENT
The following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to GAAP results:
(US dollars in thousands)
Three months ended March 31
2018 2017
(Unaudited) (Unaudited)
 Net loss $      (333) $      (865)
  Net loss from discontinued operations 38 83
  Financial expenses, net 32 71
  Depreciation 335 281
  Taxes on income (11) 31
Total EBITDA From continuing operations $        61 $        (399)
 Stock-based compensation 53 90
Total adjusted EBITDA From continuing operations $        114 $        (309)

 

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 www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains express or implied 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,” “predict,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “would,” “should,” “will,” “can,” “promising” 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, our expectations regarding future product launches and growth into new 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.

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
March 31 December 31
2018 2017
Assets
Current assets
Cash and cash equivalents $     8,378 $      6,742
Short-term investments 2,157 3,331
Trade receivables (net of allowance for doubtful
 accounts of $566 and 568 as of March 31, 2018
 and December 31, 2017, respectively) 4,897 5,827
Other receivables and prepaid expenses 1,280 1,563
Inventories 3,051 3,009
Total current assets 19,763 20,472
Long-term restricted deposit for employees benefit 491 498
Severance pay deposits 400 405
Property, plant and equipment, net 5,979 5,859
Intangible assets, net 296 336
Total Assets $      26,929 $      27,570

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
March 31 December 31
2018 2017
Liabilities and  Equity
Current Liabilities
Short-term bank credit and current maturities
  of long-term bank loans $          4,244 $          4,181
Trade payables 5,969 6,264
Other current liabilities 2,397 2,421
Total current liabilities 12,610 12,866
Long-Term Liabilities
Long-term loans, net of current maturities 694 814
Accrued severance pay 932 939
Deferred tax liability 464 500
Total long-term liabilities 2,090 2,253
Total Liabilities 14,700 15,119
Commitments and Contingencies, see note 5
Equity
Ordinary shares of NIS 0.1 par value: Authorized –
50,000,000 shares as of March 31, 2018 and
December 31, 2017; issued: 42,353,077 shares as
of March 31, 2018 and December 31, 2017;
outstanding: 41,174,378 shares
as of  March 31, 2018 and December 31, 2017 1,064 1,064
Additional paid-in capital 224,811 224,758
Treasury shares at cost – 1,178,699 shares as of March 31,
   2018 and December 31, 2017 (2,000) (2,000)
Accumulated other comprehensive loss (633) (691)
Accumulated deficit (211,013) (210,680)
Total Equity 12,229 12,451
Total Liabilities and Equity $       26,929 $       27,570

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(US dollars in thousands, except share and per share data)
Three months ended March 31
2018 2017
Revenues
Sales $           4,481 $           2,780
Licensing and transaction fees 1,381 1,240
Total revenues 5,862 4,020
Cost of revenues
Cost of sales 2,754 1,800
Total cost of revenues 2,754 1,800
Gross profit 3,108 2,220
Operating expenses
Research and development 830 702
Selling and marketing 1,645 1,342
General and administrative 907 856
Total operating expenses 3,382 2,900
Operating loss from continuing operations (274) (680)
Financial expenses, net (32) (71)
Loss from continuing operations before taxes on income (306) (751)
Income tax benefits (expenses) 11 (31)
Net loss from continuing operations (295) (782)
Net loss from discontinued operations (38) (83)
Net loss $        (333) $        (865)
 

Basic and diluted net loss attributable to

 shareholders per ordinary share
From continuing operations $          (0.01) $         (0.02)
From discontinued operations  $                * $                 *
$          (0.01) $         (0.02)
Weighted average number of ordinary shares used in
computing basic and diluted net loss per ordinary share
41,214,378 41,079,580
* Less than $0.01 per ordinary share.

 

 

ON TRACK INNOVATION LTD.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(US dollars in thousands)
Three months ended March 31
Three months ended March 31 2018 2017
Cash flows from continuing operating activities
Net loss from continuing operations $              (295) $              (782)
Adjustments required to reconcile net loss to
net cash used in continuing operating activities:
Stock-based compensation related to options issued
  to employees and others 53 90
Accrued interest and linkage differences, net 14 (26)
Depreciation and amortization 335 281
Deferred tax, net (11) 9
Changes in operating assets and liabilities:
Accrued severance pay, net (3) 28
Decrease in trade receivables, net 944 423
Decrease (increase) in other receivables and prepaid expenses 301 (234)
Increase in inventories (35) (343)
Decrease in trade payables (401) (693)
(Decrease) increase in other current liabilities (51) 569
Net cash provided by (used in) continuing operating activities 851 (678)
Cash flows from continuing investing activities
Purchase of property and equipment (322) (35)
Change in short-term investments, net 1,164 1,651
Proceeds from restricted deposit for employee benefits 44
Investment in capitalized product costs (13) (88)
Net cash provided by continuing investing activities 829 1,572
Cash flows from continuing financing activities
Increase in short-term bank credit, net 33 112
Repayment of long-term bank loans (144) (222)
Proceeds from exercise of options and warrants 2
Net cash used in continuing financing activities (111) (108)
Cash flows from discontinued operations
Net cash used in discontinued operating activities (16) (68)
Total net cash used in discontinued operations (16) (68)
Effect of exchange rate changes on cash and cash equivalents 63 239
Increase in cash, cash equivalents and restricted cash 1,616 957
Cash, cash equivalents and restricted cash-beginning of the period 7,799  (*)  7,500
Cash, cash equivalents and restricted cash-end of the period $               9,415 $          (*)  8,457
(*)           Reclassified to conform with the current period presentation, based on  Accounting Standards Update 2016-18,
Statement of Cash Flows (Topic 230)

Investor Relations Contact:


Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us

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On Track Innovations to Host Corporate Update Webinar on May 22nd at 11:30 a.m. EDT

ROSH PINNA, Israel, May 8, 2018 —  On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will host a virtual webinar on Tuesday, May 22, 2018 at 8:30 a.m. Pacific time (11:30 a.m. Eastern time).

Management will be presenting an overview of the business model, growth initiatives and key milestones. The call will be accompanied by a presentation which can be accessed via the webcast link below.

Shlomi Cohen, CEO, will host the call followed by a question and answer session. To access the call, please use the following information:

Date: Tuesday, May 22, 2018

Time: 8:30 a.m. Pacific time (11:30 a.m. Eastern time)

Dial-in: +1-877-407-0784

International Dial-in: +1-201-689-8560

Webcast: http://public.viavid.com/index.php?id=129550

A telephone replay will be available approximately two hours after the call and will run through May 29, 2018 by dialing 1-844-512-2921from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13679462.

OTI Global

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 for Forward-Looking Statements

This press release contains express or implied 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,” “will,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2017, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 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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On Track Innovations Ltd. to Report First Quarter 2018 Financial Results and Host a Conference Call on Wednesday, May 9th at 9 a.m. Eastern time

ROSH PINNA, ISRAEL – April 25, 2018 – – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, will release financial results for the first quarter ended March 31, 2018 before market open on Wednesday, May 9th at 9 a.m. Eastern time.

Management will host an investor conference call at 9:00 a.m. Eastern time on May 9, 2018, to discuss OTI’s first quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q1 2018 Conference Call and Webcast

Date: Wednesday, May 9, 2018

Time: 9:00 a.m. Eastern time

U.S. Dial-in: 1-888-317-6002

International Dial-in: 1-412-317-5245

Webcast: https://www.webcaster4.com/Webcast/Page/1720/25625

Please dial in at least 10 minutes before the start of the call and request to join the “On Track Innovations Q1 2018 Earnings Conference Call” to ensure timely participation.

The conference call will be available for replay by clicking here and via the investor relations section of the company’s website.

About OTI

On Track Innovations (NASDAQ: OTIV) 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, please visit www.otiglobal.com.

 

Safe Harbor for 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,” “will,” “estimate” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 reader is cautioned not to place undue reliance on forward-looking statements.

 

OTI Press Contact:

Richard Harris

Marketing Manager

press@otiglobal.com

 

OTI Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

Main: 949-385-6449

OTIV@mzgroup.us

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OTI Europa ASEC Signs New Contract with Polish National Post Office (Poczta Polska S.A.) To Manage Warsaw’s Public Transportation “Smart City” Card Program

Agreement Entails Management of 272 “Smart City” Card Terminals Across 218 Post Offices Around Warsaw

 

Rosh Pinna, Israel – April 4th, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that its wholly-owned subsidiary, OTI Europa ASEC (ASEC S.A.), has signed a new contract with the Polish National Post Office (Poczta Polska S.A.) to manage Warsaw’s public transportation “Smart City” card program.

These postal points of sale (POS) kiosks will allow consumers to purchase or refill “Smart City” cards for public transportation in the Warsaw metropolis area via train, bus, or another mode of public transportation.

OTI will be providing both the payment portion, as well as software, in 272 “Smart City” card terminals throughout 218 post offices in Warsaw, whereby OTI will control the entire sales and payment process. This is a recurring revenue contract, but due to confidentiality, the terms of the contract cannot be disclosed. OTI Europa ASEC’s network now includes 800 POS points throughout Poland.

“Our ticketing sales network in Poland continues to gain traction, which we believe is a strong testament to the value we bring our customers and the citizens of Poland,” said Agnieszka Swiatly, Managing Director of OTI Europa ASEC. “Using our total solution, users of ‘Smart City’ cards throughout Warsaw will be able to conveniently purchase and refill their cards, even while visiting the post office.”

Poczta Polska S.A. is a company with a 460-year tradition, acting as the biggest postal operator on its local market (Poland) – the network includes 7,500 postal offices, subsidiaries, and agencies, all serving private and corporate customers.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. The company creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.
The company is a part of OTI – On Track Innovations. For more information, visit www.otieuropa.com

OTI Global

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 for 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,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 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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On Track Innovations to Present at The MicroCap Conference in New York on April 10th

Rosh Pinna, Israel – April 2, 2018 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that management is scheduled to present at The MicroCap Conference in New York City. The conference is being held on April 9-10, 2018 at the JW Marriott Essex House.

On Track Innovations management will host one-on-one meetings throughout the day on April 10th and is scheduled to present as follows:

The MicroCap Conference

Date: Tuesday, April 10, 2018
Presentation Time: 12:00 p.m. Eastern time
Location: Track 4, JW Marriott Essex House – 160 Central Park S, New York, NY

Webcast: http://www.investorcalendar.com/event/27375

Registration is mandatory for conference participation. For more information on the conference or to schedule a one-on-one meeting, please visit the conference website, http://microcapconf.com.

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. 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 plans for the future, 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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OTI Europa ASEC Signs Contract with Public Transport Authority (ZTM) in Warsaw

OTI to Design and Implement “Kasa +” Support Service System at Passenger Service Points

Rosh Pinna, Israel – March 28th, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that the Company’s European branch, OTI Europa ASEC (ASEC S.A.), has signed a contract with the Public Transport Authority (PTA) in Warsaw (Zarząd Transportu Miejskiego) for the design, execution and implementation of the “Kasa +” system to support Passenger Service Points in and around Warsaw.

The contract is the result of a public tender won by OTI Europa ASEC (ASEC S.A.) and is expected to be completed over the next 13 months, with a value of approximately $300,000 USD to OTI.

“OTI Europa ASEC is responsible for providing the IT system, analysis of requirements and solution preparation, as well as for system launch and 3 years warranty protection,” said Agnieszka Swiatly, Managing Director, OTI Europa ASEC. “With wide knowledge related to the PTA’s sales system and know-how associated with the market and technology, we were able to prepare a winning offer.”

Public transport in Warsaw urban complex is managed and supervised by the Public Transport Authority (Zarząd Transportu Miejskiego) in Warsaw, the member of the European Metropolitan Transport Authorities (EMTA) and the International Association of Public Transport (UITP). It provides transport to two million citizens of the Warsaw metropolitan area as well as connects Warsaw to its neighboring communes.

OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. It creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.

OTI Europa ASEC is a part of OTI – On Track Innovations group. For more information, visit www.otieuropa.com

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 for 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,” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 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

Read more...

On Track Innovations Completes New Cryptocurrency Payment Solution for Automated Machines & Micropayment Market

OTI Releases Video with Use Case Example for Cryptocurrency Solution

Rosh Pinna, Israel – March 26, 2018 – 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 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

www.mzgroup.us

Read more...