ROSH PINNA, ISRAEL — March 14, 2018 – On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received new purchase order to deliver 8,000 of OTI’s UNO-8 advanced secure contactless NFC readers to the Smart ATM market.
Smart ATMs provide secure, fast, simple and convenient banking, 24 hours a day. Adding an OTI EMV certified contactless reader provides an ATM with the ability to identify the account owner and communicate with their smartphone.
The company expects the purchase order to be delivered in both the second and third quarter of 2018, for which OTI will recognize a one-time sale. Due to confidentiality, the terms of the contract cannot be disclosed.
“ATMs that are integrated with OTI’s innovative cashless readers have become a power service platform and provide the added functionality that clients are demanding,” said Shlomi Cohen, OTI’s Chief Executive Officer. “We continue to lead the way in enabling this ‘smart’ functionality in ATMs, as evidenced by our impressive ramp in contactless readers from 1,800 in 2016, 10,000 in 2017, and 8,000 already in 2018.”
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with a patent and IP portfolio. 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,” “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 our expectations regarding our growth or profitability, plans for our existing and new products and services, penetration of new markets and securing new customers, 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 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.
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