SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

March 17, 2016 08:31 ET

oti Receives Follow-On Orders for 20,000 NFC Readers From Strategic Channel Partner Serving North American Self-Serve Market

ROSH PINA, ISRAEL--(Marketwired - Mar 17, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, has secured a series of follow-on orders from a U.S.-based strategic channel partner to supply 20,000 of its SATURN 6500 NFC readers to the North American self-serve market. The initial shipment of the readers is scheduled for immediate delivery.

"Our sales momentum this year demonstrates the demand for our industry-leading products, driven by our expanded sales and marketing capabilities," said oti CEO Shlomi Cohen. "It also reveals the growing adoption of our NFC readers by major technology suppliers to the North American self-serve and unattended market. In fact, over the last three years, we have sold more than 250,000 readers to this bourgeoning market, including 25,000 in the first quarter of 2016. Overall, we are encouraged by our customer's interest in our products, and expect to build on this momentum throughout 2016."

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, 2014, 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

  • Investor Contact:
    Scott Liolios or Matt Glover
    Liolios Group, Inc.
    949-574-3860
    Email Contact

    oti Press Contact:
    Neil Barr
    Director of Marketing
    +972-4-686-8004
    Email Contact