ROSH PINA, ISRAEL--(Marketwired - Aug 1, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has received a letter of intent from a multi-billion dollar Japanese retailer to purchase 10,000 FeliCa™-certified readers with advanced telemetry systems over a three-year period.
The Japanese retailer intends to purchase complete otiMetry solutions based on oti's recently certified SATURN 8700 FeliCa reader and advanced telemetry system. oti plans to deliver the initial units during 2017, with the entire 10,000 systems deployed within three years.
"The significant interest from this major retailer reveals the increasing demand from the massive Japanese vending market for a certified hybrid EMVCo and FeliCa payment solution," said oti CEO Shlomi Cohen. "Our FeliCa-based vending telemetry solutions are specifically designed to provide the Japanese market with an innovative, 'plug-and-play' solution to support the imminent nationwide shift toward cashless payments."
The letter of intent comes only weeks after the achievement of FeliCa™ certification for the SATURN 8700, oti's certified product under its strategic partnership with Billing System Corporation. Through this partnership, oti is pursuing FeliCa-certification for its entire reader product line and is actively marketing and selling to the Japanese vending market, which is estimated to include nearly 6,000,000 vending machines nationwide.
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.
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.