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.”
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.
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