SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

June 01, 2016 08:31 ET

oti Selects Cuboid as Exclusive Distributor for the Norwegian, Swedish, and Danish Markets

ROSH PINA, ISRAEL--(Marketwired - Jun 1, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has partnered with Cuboid to distribute its payment solutions to the Norwegian, Swedish, and Danish markets. The distributorship also includes the Finnish market on a non-exclusive basis.

Based in Drammen, Norway, Cuboid is a leading distributor of unattended machines, including vending, clothing, and SIM cards throughout Norway, Sweden, Denmark and Finland. Cuboid's customer base includes leading vending machine manufacturers like Joffemar.

Cuboid plans to embed oti's otiMetry vending telemetry system, which includes the SATURN 6500 TRIO 3-in-1 NFC-based cashless reader and CONNECT 3000 controller, into its installed base of vending machines, as well as future machines delivered. otiMetry makes any vending operation smart and interactive by uniquely incorporating telemetry, sales, operations, and marketing into an affordable solution with real-time management capabilities.

"Building on our recent success of expanding our reach into growing and emerging markets, our partnership with Cuboid marks yet another entrance into key markets that are poised to help accelerate our future growth," said Eran Bar, oti sales manager for the Europe, Middle East, and Africa (EMEA) region. "With the Norwegian, Swedish and Danish markets actively seeking to transition toward cashless societies, we are in the optimal position to meet this demand through our key partner Cuboid. This partnership is part of our broader strategy to build a Pan-European distributors network that can penetrate and service the unattended European market, which still continues to grow and presents us with opportunities to scale our company to new levels."

About Cuboid AS
Cuboid's machines and solutions stand out in the Scandinavian market, when it comes to solutions, quality and flexibility. With strong European suppliers of both hardware and software, Cuboid can offer top quality products with a wide range of equipment and solutions that can be easily adapted to customer requirements both before and after delivery. The solutions give Cuboid's customers the ability to sell and deliver physical products without high costs. Everything from baguettes to paint cans, spare parts, tools and components, eggs, soft drinks, clothing or SIM card. For more information, visit www.cuboid.no.

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. 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.

Contact Information

  • Cuboid Contact:
    Joachim B. Hansen
    Tollbugata 70,
    3044, Drammen
    NORWAY
    +47 32 83 33 32
    Email Contact

    oti 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