The lawsuits allege infringement of oti’s Patent based on AT&T and Verizon’s offering for sale and/or sale of NFC phones for use with an advanced SIM card compliant with certain industry standards
ROSH PINA, ISRAEL — 09/30/15 — On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced that it filed earlier today patent infringement lawsuits against mobile carriers AT&T and Verizon Wireless (Cases No. 1:15-cv-07698 S.D.N.Y. and 1:15-cv-07699 S.D.N.Y.). The lawsuits allege infringement of oti’s U.S. Patent No. 6,045,043 (“the ‘043 patent”), based on AT&T and Verizon’s offering for sale and/or sale of NFC phones for use with an advanced SIM card compliant with certain industry standards. AT&T and Verizon have not yet filed a response to oti’s claims.
“The ‘043 patent is an essential part of oti’s extensive intellectual property portfolio of NFC solutions,” said the company’s CEO, Shlomi Cohen. “The lawsuits against AT&T and Verizon mark another important step in the implementation of our strategy to defend our innovations and maximize the value of our intellectual property.”
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti’s field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com, the content of which is not part of this press release.
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” 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. Forward-looking statements could be impacted by the effects of 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, 2014, 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. Additionally, the outcome of any litigation is uncertain. 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.
Scott Liolios or Matt Glover
Liolios Group, Inc.
Nir (Neil) Barr
oti Marketing Director