Numerous purchase orders received in first 6 weeks of 2017 from multiple channel partners in line with growth expectations
Self-check-out kiosk market estimated to reach $18 billion by 2023
ROSH PINNA, ISRAEL — February 15, 2017 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced it has received purchase orders through its channel partners to supply thousands of advanced self-checkout payment systems, incorporating the Company’s cashless payment systems, to leading U.S. based kiosk and food chain operators. The systems will be shipped throughout 2017.
The cashless payment systems are intended to be used at kiosks and self-checkout stations in a number of retail and “household name” food chain outlets across the USA. The purchase orders were received from numerous OTI channel partners during the first six weeks of 2017.
“These purchase orders continue the growth momentum we are currently experiencing at OTI,” says Shlomi Cohen, OTI’s CEO. “We bring an all-inclusive and affordable solution for the global self-checkout kiosk market that is estimated to reach U.S. $18 billion by 2023. The inclusion of near field communication (NFC) technology – our expertise – into these machines is changing operations on a global scale. It enables customers to have an intuitive, quick and seamless shopping experience.”
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.
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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.
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