South Portland, Maine (USA), and Rosh Pinna, Israel (Nov. 27, 2017)—WEX Inc. (NYSE: WEX) a leading global provider of corporate payment solutions, and OTI PetroSmart, a wholly owned subsidiary of OTI (NASDAQ:OTIV), are pleased to announce that Puma Energy has selected WEX’s IFCS payment processing system to support its on-road B2B fueling offer. IFCS is integrated with OTI PetroSmart’s automated vehicle identification (AVI) solution, EasyFuelPlus, which uses NFC technologies to identify, authorize and complete fueling transactions for eligible vehicles.
The WEX payment processing service is a sophisticated, highly configurable fuel and fleet payment solution, designed to meet the needs of fleets and oil companies across the globe. Specifically designed for managing and billing sales of petroleum products to commercial fleet customers, the system includes device management, support for pre- and postpaid host authorization, transaction processing, and accounting and reporting functions.
OTI PetroSmart is positioned as the WEX VAR in Africa and has contracted with Puma Energy to implement WEX in selected key markets, with an initial focus on Southern Africa, where the solution is being commissioned to coincide with the deployment of the EasyFuelPlus technology. OTI PetroSmart provides extensive system integration services to the project, serving as the data transfer layer facilitating the exchange of information between IFCS and Puma’s ERP.
“Using EasyFuelPlus to minimize fuel fraud and effectively manage fuel consumption, combined with IFCS, represents the next generation of B2B fueling in our markets,” said Charlotte Hambly-Nuss, managing director of OTI PetroSmart.
“WEX is pleased to join with OTI in offering fuel payment processing solutions in Africa, enabling Puma Energy to differentiate their offerings to commercial fleets across their markets,” said Fred Madeira, WEX’s vice president of global fuel programs.
“Over the last couple of years, Puma Energy has embarked on a strategy to standardize its retail site architecture to facilitate innovation. We are excited about leveraging this site architecture to introduce a premium B2B offer, with a view to helping our customers succeed and thereby growing our market share in Africa,” said Alessio Torelli, global head of retail for Puma Energy.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 11 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 3,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
WEX news media contact:
VP, Corporate Marketing & Communications
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, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.
OTI news media contact:
About Puma Energy
Puma Energy is a global integrated midstream and downstream oil company active in 48 countries. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development. The company directly manages over 8,000 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia).
Puma Energy owns and operates a network of 101 storage terminals, with a total capacity of 8.0 million m3, as well as more than 2,500 retail sites in Latin America, Africa and Asia Pacific, and is present at 68 airports. In 2016, Puma Energy sold 22.0 million m3 of oil products, and its facilities handled 19.7 million m3 of petroleum products.
Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy’s activities are underpinned by investment in infrastructure which optimizes supply chain systems, capturing value as both asset owner and marketer of product. Puma Energy’s downstream activities include the distribution, retail sales and wholesale of a wide range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.
Puma Energy Holdings Pte Ltd is rated Ba2 by Moody’s and BB by Fitch.
For further information visit: www.pumaenergy.com
Safe Harbor for Forward-Looking Statements by OTI
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, revenues, profitability, plans for our existing and new products and services, penetration of new markets and securing new customers, position in the market, contributions of new or existing regions or markets to our growth, 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.
Safe Harbor for Forward-Looking Statements by WEX Inc.
This news release contains forward-looking statements, including statements regarding: (i) WEX’s relationships with OTI and Puma and the benefits of those relationships and (ii) expectations about the amount of potential advantages of those relationships for WEX. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words “may,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,” “estimate,” “believe,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company’s acquisitions, including Electronic Funds Source LLC’s operations and employees; the impact and size of credit losses; the impact of changes to the Company’s credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2016, filed on Form 10-K with the Securities and Exchange Commission on March 6, 2017 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2017 filed with the Securities and Exchange Commission on May 8, 2017. The Company’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.