OTI Receives Order for 65,000 Cashless Payment Devices from a North American Customer

 

  • Shipments to start immediately with projected fulfillment date of Q1 2017
  • Serves growing demand for cashless and contactless transactions
  • OTI captures growing market share in vending machine market

ROSH PINNA, Israel, Sept. 21, 2016 (GLOBE NEWSWIRE) —  On Track Innovations Ltd. (OTI)(NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment systems, today announced it has received an order for 65,000 units of its cashless payment transaction readers from a current customer, a solutions provider supporting the North American unattended retail market. Delivery of the readers, to be used on vending machines, is to start immediately and projected to be fulfilled no later than Q1 2017.

“This order confirms the trust our customers put in us and the expansion of our business with this key North American customer,” said OTI CEO Shlomi Cohen. “Our versatile line of NFC contactless products, combined with our customer service oriented approach allows us to provide solutions integrators in unattended retail including the vending machine market with the most advanced products and end-to-end solutions.”

About OTI
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.

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
Neil Barr
Director of Marketing
+972-4-686-8004
press@otiglobal.com