oti Receives Order for 65,000 Cashless Payment Devices from a North American Customer
September 21 2016 - 8:31AM
On Track Innovations Ltd. (oti)
(NASDAQ:OTIV), a global provider of near field communication (NFC)
and cashless payment systems, today announced it has received an
order for 65,000 units of its cashless payment transaction readers
from a current customer, a solutions provider supporting the North
American unattended retail market. Delivery of the readers, to be
used on vending machines, is to start immediately and projected to
be fulfilled no later than Q1 2017.
“This order confirms the trust our customers put in us and the
expansion of our business with this key North American customer,”
said oti CEO Shlomi Cohen. “Our versatile line of NFC contactless
products, combined with our customer service oriented approach
allows us to provide solutions integrators in unattended retail
including the vending machine market with the most advanced
products and end-to-end solutions.”
About otiOn 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, 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.
oti Press Contact:
Neil Barr
Director of Marketing
+972-4-686-8004
press@otiglobal.com
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