SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

July 22, 2014 08:31 ET

oti Receives $6.2 Million Order for Cashless Payment Readers

ROSH PINA, ISRAEL--(Marketwired - July 22, 2014) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a $6.2 million purchase order from one of its newest U.S. channel partners to supply oti's Saturn readers to the North American self-serve market. 

oti will deliver the NFC readers over the next 18-months, with the first shipments beginning immediately. The shipments will include multiple types of oti readers geared specifically for the self-serve market.

"This order represents the second largest Saturn 6500 readers win in our company history, as well as another strong endorsement of our solutions for this important growth market," noted Ofer Tziperman, oti's CEO. "Our highly reliable and secure NFC technology combined with other cashless payment solutions, continues to provide significant competitive advantages where we are able to supplant existing competitive technology as well as create new opportunities for implementing our patented NFC-based systems."

Based on an expanding pipeline of business demonstrated by shipments year-to-date and additional secured orders, the company continues to expect to deliver more than 150,000 oti NFC readers in 2014 or an increase of more than 35% annually.

Gonen Ziv, president of oti America, added: "Our accelerating sales momentum and growing industry adoption of our solutions confirms that the market is at a tipping point in the adoption of cashless payment solutions in the self-serve and unattended market. We believe our cutting-edge solutions, dedicated customer service and aggressive pricing strategy are beginning to pay off. In fact, we expect a number of new strategic customers in North America to start sourcing our cashless payment readers this year."

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.

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. 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 include statements regarding growing demand for our Saturn readers in the North America self-serve market, or success in achieving new opportunities for implementing our patented NFC-based systems in the market, or achieving a substantial increase in future deliveries or revenues from our NFC readers this year or thereafter, or growth in the adoption of our cashless payment solutions in the self-serve and unattended markets, or succeeding that our customer service and aggressive pricing strategy will actually pay off in the near or long term, or achieving that new strategic customers in North America or elsewhere will start sourcing our cashless payment readers this year or in the future. 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, market acceptance of our Trio reader 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, 2013, 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.

Contact Information

  • Company Contact:
    Shlomi Eytan
    Chief Sales and Marketing Officer
    +972-4-6868000
    Shlomi@otiglobal.com

    Investor Contact:
    Scott Liolios or Matt Glover
    Liolios Group, Inc.
    949-574-3860
    otiv@liolios.com

    Press Contact:
    Inbar Ben-Hur
    oti Marketing Communication Manager
    inbar@otiglobal.com