OTI Enters Australian Market in Cooperation with Vend Access and Card Access Services to Provide Cashless Payments Solutions
November 14 2016 - 8:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a
global provider of near field communication (NFC) and cashless
payment solutions, today announced its entry into the Australian
cashless payments market in cooperation with Vend Access Pty Ltd, a
provider of technology and solutions for vending and unattended
machine operators in Australia, and with Card Access Services Pty
Ltd, a leading payment gateway and processor for Australian and
international businesses.
Vend Access (VA) will distribute OTI’s otiMetry
solution which includes advanced NFC based cashless readers and a
state-of-the-art telemetry system. Card Access Services will
provide the gateway and processing services for otiMetry systems
installed and operated by Vend Access.
otiMetry makes any vending and self-service
operation smart and interactive by uniquely incorporating
telemetry, sales, operations, and marketing into an affordable
solution with real-time management capabilities.
Bill Chronarakis, General Manager of Vend Access says “Vend
Access’s practical experience matched with Card Access Services’
e-payment management from OTI’s terminals and otiMetry will improve
earnings for vending owners.”
“Entering the Australian market marks another milestone in our
approach of building an extensive distributors network that
provides intelligent and cost effective solutions for the
unattended market,” said Shlomi Cohen, OTI CEO. “The close
cooperation with Vend Access and with Card Access Services, which
has over 28 years of experience in the payment industry and their
outstanding support and customer oriented approach, ensure that
Australian self-service machine operators will be getting a
reliable and comprehensive solution at an affordable price.”
Stelios Savva, General Manager of Card Access Services says
“Card Access Services is proud to connect Vend Access’ clients with
OTI’s quality products and communications facilities for vending
applications in Australia. Vend Access’ industry background, its
experience in providing diversified payment solutions combined with
OTI’s reputable cashless readers and telemetry provides an
integrated and end-to-end solution to the Australian self-serve
market, including vending machines, laundromats, kiosks, car wash,
dog wash, gaming and other verticals.”
Vend Access is expected to initiate commercial installations of
the integrated solution by Q4 2016.
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.
About Card Access Services (CAS) Card Access
Services (CAS) has been designing, building and maintaining secure
e-payment systems for vendors of unattended terminals since 1987.
CAS enables e-vending payments by Tourists on Hop-on busses, by
farmers and hikers purchasing water in remote Queensland and for
sales of diverse products such as Mobile phones, Gas supplies,
sporting goods and snack products. Vend Access and OTI
clients will be supported by CAS’s experienced Australian Customer
Service Representatives and annual PCI audits.
www.cardaccess.com.au.
About Vend Access (VA)Vend Access has been an
active provider to the cashless self-service industry throughout
Australia. Vend Access has a broad knowledge of Australia’s
communications carriers and strong relationships with vending
industry associations and operators and will assist OTI’s vending
operators to connect their OTI cashless services with OTI’s elegant
remote controls of product dispensing aided by the routing of
replenishment supplies. www.vendaccess.com.au.
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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