Rosh Pinna, Israel, April 18, 2017 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC), cashless payments and fuel management solutions, has formed a new strategic partnership with 365 Retail Markets, the leader in MicroMarket technologies.
US-based 365 Retail Markets enables each customer’s entire ecosystem with cutting-edge technology, unrivaled selection, and world-class support. Combined with OTI’s best-in-class, field-proven and secure cashless solutions, MicroMarket operators and their customers benefit from this robust design.
“The partnership with 365 Retail Markets shows how OTI is committed to increasing its presence and activities in the US market,” says OTI CEO, Shlomi Cohen. “Our pre-certified off-the-shelf cashless payment solutions are very cost-effective and have proved to be a great fit to the US vending, self-service and automated retail markets.”
365 has been pioneering innovation in the vending industry since 2008, expanding their technologies beyond MicroMarkets to encompass a broad range of self-service and payment products. 365’s newest concept, the Connected Campus, streamlines vending operations by linking devices and customer accounts for efficient management. Incorporating OTI’s secure cashless payment solutions is a huge step forward in fulfilling 365’s strategy for supporting operator processes and boosting their business.
“As 365 continues to expand globally it becomes more and more important for us to have the right relationships to keep up with payment demands,” adds 365 CEO, Joe Hessling. “OTI is the right choice for us and we look forward to years of innovation together.”
For more information on OTI’s cashless payment solutions for unattended retail environments visit the company’s website, follow the company on Twitter or LinkedIn, or schedule a meeting with OTI team at the upcoming NAMA OneShow.
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with an extensive 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, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances, including UCP, Inc. in North America. 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” 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 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.
About 365 Retail Markets
365 Retail Markets, a rapidly growing self-service technology company with offices in Metro Detroit, Santa Clara, and Provo, creates technology that connects people with products at work. Our proprietary 365 technology provides a turnkey platform that allows customers to increase sales, improve the end user experience, and increase profits while reducing operating costs!
Jen Tonio, 365 Retail Markets