SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

May 03, 2016 07:04 ET

UPDATE: OTI PetroSmart Partners With Fuel Telematics Solutions to Deliver Secure Mobile Payment for Corporate Fleet Vehicles

CAPE TOWN, SOUTH AFRICA--(Marketwired - May 3, 2016) - OTI PetroSmart, a global Value Added Reseller of petroleum payment solutions and products and a wholly owned subsidiary of On Track Innovations Ltd. (oti) (NASDAQ: OTIV), and Fuel Telematics Solutions Ltd (FTS), a venture capital backed company specialising in mobile payment solutions for fuel retailing, announced today a mutual partnership that will deliver secure mobile payment solutions for corporate fleet vehicles.

Under the terms of the partnership, OTI PetroSmart's proven and globally deployed Automatic Vehicle Identification (AVI) solution EasyFuelPlus will be combined with the powerful and flexible cloud-based mobile payment and engagement platform developed by FTS. The integrated solution will be marketed by both companies and will result in a fast, convenient and highly secure fuel payment experience.

"The FTS platform was already perfect for consumers, but we were faced with a simple but important dilemma when it came to corporate fleet users," said Peter Birrell, Managing Director of FTS, "how can we ensure that our mobile payment platform is being used for refuelling of the right vehicle? We found a compelling solution in OTI PetroSmart's EasyFuelPlus solution, which gives us the ability to check for a secure vehicle-mounted tag as part of our platform's authorisation process. The EasyFuelPlus technology acts as the extra level of security that ensures that a fleet driver using mobile payment is in fact refuelling only the vehicles that he is authorized to refuel."

Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart commented: "We are delighted to be able to add mobile payment to our already extensive product portfolio, and to be able to support FTS with such an important requirement. The sophisticated yet flexible nature of the FTS mobile platform has allowed us to accelerate our plans to introduce such a product, and we are excited about working together with FTS to deliver a solution that is truly compelling for drivers and retailers alike."

OTI PetroSmart and FTS will be exhibiting together at the Uniti Expo trade show in Stuttgart, Germany on June 14th-16th 2016.

About EasyFuel Plus
In EasyFuel Plus' most basic configuration, wireless readers installed in a gas station and contactless readers installed on the nozzle access information stored on a vehicle mounted tag or alternatively on a passive contactless tag mounted around the fuel inlet. This information is required to approve any fuel transaction and should the information not prove valid, refuelling is denied.

The validity of the method of payment can be verified offline or online. Due to the flexibility and security of the oti technology platform, a wide range of business rules such as the fuel grade, tank capacity and velocity checks can be managed offline.

OTI PetroSmart's ability to support pre-payment on its devices, including vehicle tags (without the reliance on back-end systems) further serves to differentiate its product offering.

About FTS
FTS brings the next evolution in mobile payment solutions for the petrol forecourt and retail market, changing the fueling experience. It is the place where payment convenience meets customer engagement.

The FTS payment solution brings the convenience of mobile payment to consumers, driven by iBeacons to ensure minimum fuss and maximum convenience.

Leveraging on that regular engagement, is a platform to deliver consumer engagement and rewards or promotions. Coupled with our demographics and consumer behaviour tracking, it provides a unique opportunity to gain access to an otherwise unattainable market.

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

  • OTI PetroSmart Contact:
    Charlotte Hambly-Nuss
    Managing Director
    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