SOURCE: On Track Innovations, Ltd.

July 18, 2005 01:00 ET

OTI Contactless Reader Solution Receives Certification for Visa Contactless Payment Program

Saturn 5000 Contactless Reader Receives Approval by Major Contactless Payment Programs in the US

FORT LEE, NJ -- (MARKET WIRE) -- July 18, 2005 --On Track Innovations, Ltd. (OTI) (NASDAQ: OTIV) (Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, today announced that its Saturn 5000 contactless reader has received certification from Visa USA to support its contactless payment program. The Saturn 5000 has already received certification by major US financial institutions.

Visa, along with MasterCard and American Express, has already announced that they are in different stages of implementation for contactless payment programs. Recently, 7-Eleven, CVS and others have announced plans to deploy contactless readers in test markets nationwide.

The Saturn 5000 is designed to allow quick upgrades of existing POS terminals to accept contactless payments, with the reader facing the customer for easier payment experience. The Saturn 5000 can support multiple payment applications and is currently compatible with the major POS terminal providers and acquirers. Supporting the major contactless payment programs, the software integrated in the Saturn 5000 can read a variety of sources including credit cards and key fobs. OTI also offers OEM solutions that can be integrated into payment terminals.

"The Visa contactless payment program certification for the Saturn 5000 and recent advancements in contactless payments in the US demonstrate the great growth potential in this market," said Oded Bashan, President and CEO of OTI. "The Saturn 5000 multi-approval status combined with its small counter space 'footprint' makes it an attractive solution to merchants accepting contactless payments."

About OTI

Established in 1990, OTI (NASDAQ: OTIV) (Prime Standard: OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000.

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. 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 otherwise. results could differ materially from expected results. OTI undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

This press release and other releases are available on www.otiglobal.com and www.portfoliopr.com

Contact Information

  • OTI Contact:
    Galit Mendelson
    Director of Corporate Communications
    201 944 5200 ext. 111
    Email Contact

    Media Relations:
    Adam Handelsman
    5W Public Relations
    212 999 5585
    Email Contact

    IR Contact:
    Paul Holm
    PMH Group
    212 496 7238
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