OTI Receives 2017 AI Business Excellence Award for Best Cashless Payment Solution Provider

ROSH PINNA, Israel, March 06, 2017 – On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today it has been awarded the 2017 AI Business Excellence Award for Best Cashless Payment Solution Provider – Israel.

Acquisition International Magazine’s esteemed Business Excellence Awards acknowledge and reward the exceptional work and the results gained by OTI in the face of an ever-increasing competitive market.

The Business Excellence Awards seek out the leading lights of the business industry, looking for those whose creativity, experience, commitment and leadership has helped them succeed in an increasingly difficult competitive climate. The purpose of the awards is to recognize and honor the most respected companies along with their executives within a variety of industries.

“OTI is very proud and honored to have received the 2017 Award for Best Cashless Payment Solution Provider – Israel,” said Shlomi Cohen, OTI’s CEO. “It is great to be recognized for all the momentum and success we have built up over the last 12 months. We are confident of our continued strong growth, despite operating within the very competitive cashless payment technology market.”

About OTI

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 Things (IoT), wearables, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. 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, 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 Press Contact:
Neil Barr
Director of Marketing