OTI PetroSmart and Copec, the leading fuel and lubricant distributor in Chile, announced the rollout of EasyFuel Plus.
ROSH PINA, ISRAEL — May 18, 2016 — OTI PetroSmart, a global value added reseller of petroleum payment solutions and products and a wholly owned subsidiary of On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), and Copec, the leading fuel and lubricant distributor in Chile, announced the rollout of EasyFuel Plus.
With nearly 60% market share and a network of more than 600 retail stations in Chile, Copec offers a range of fuel card services for heavy commercial transport, light fleets, and industrial and agricultural refueling. Copec will implement the EasyFuel Plus solution for use throughout Copec’s retail network in Chile.
Copec’s new card offering, “TCT Premium,” is aimed at the Commercial Road Transportation (CRT) market and marks the first deployment of OTI PetroSmart’s innovative Automatic Vehicle Identification (AVI) technology in Chile.
In conjunction with the TCT Premium card, EasyFuel Plus passive tags—encoded with the vehicle registration number—can be affixed around a vehicle’s tank inlet, allowing them to be read by devices attached to the dispensing nozzle. This solution ensures that the pump will not dispense fuel unless the vehicle tag matches with the information contained in the card. If the dispensing nozzle is removed during refueling, the pump will automatically stop, ensuring the fuel cannot be dispensed into another vehicle or receptacle. This integrated solution allows operators to confirm that the right amount and type of fuel is dispensed into an authorized vehicle.
“We are delighted to support Copec in the growth of their TCT Premium offering,” said Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart. “The program launch builds on our strong relationship with Copec, which began with the testing and piloting of the solution in 2014, followed by the initial product deployments in 2015. We have received orders for commercial quantities of both vehicle and station equipment in the last three quarters. We look forward to further developing this relationship and enjoying many more years of success together in the rapidly expanding Chilean market.”
Cristian Balart, Assistant Manager of Business Planning (Commercial) for Copec, commented: “OTI PetroSmart’s AVI technology significantly enhances our card offering, enabling us to offer a premium option to our CRT customers under the tagline ‘More control. More technology.’ Unlike our standard fuel cards, the OTI PetroSmart solution allows the proper identification of vehicular presence and ensures that fuel has been loaded into the correct tank of the correct truck. Without question, OTI PetroSmart’s technology has proven to be a perfect fit for all our requirements.”
About EasyFuel Plus
In EasyFuel Plus’ most basic configuration, wireless readers installed in a gas station and contactless readers installed on the nozzle access information stored on a vehicle mounted tag or alternatively on a passive contactless tag mounted around the fuel inlet. This information is required to approve any fuel transaction and should the information not prove valid, refueling is denied.
The validity of the method of payment can be verified offline or online. Due to the flexibility and security of the OTI technology platform, a wide range of business rules such as the fuel grade, tank capacity and velocity checks can be managed offline.
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.
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, 2015, 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.
OTI PetroSmart Contact:
OTI Investor Contact:
Scott Liolios or Matt Glover
Liolios Group, Inc.
OTI Press Contact:
Director of Marketing