OTI Receives Purchase Order for First Installment of 10,000 Cashless Payment Systems Sale into Japanese Market
January 31 2017 - 8:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of
near field communication (NFC) and cashless payment solutions,
today announced receiving its first purchase order of FeliCa
certified contactless advanced payment systems from a well-known
Japanese retailer. The order is based on a Letter of Intent (LOI)
previously announced by OTI between the Company and the major
Japanese retailer to purchase 10,000 systems over a period of 3
years.
The payment systems in this purchase order are expected to be
delivered during 2017. The system is based on the Company’s new UNO
8700 EMV and FeliCa contactless reader and the GoBox Multi-Service
Telemetry Gateway.
“This is a significant purchase order for OTI,” said Shlomi
Cohen, OTI’s CEO. “Japan has an estimated 6 million vending
machines, which represents a major opportunity for growth for OTI
in the Asia-Pacific market. Our FeliCa-based otiMetry vending
telemetry solution is perfectly suited for the Japanese market
where our technology offers FeliCa cashless payments, which are
required for local customers, while also enabling international
customers a way to pay using their preferred EMV credit cards, such
as Visa and MasterCard.”
otiMetry is a modular and cost-effective telemetry solution for
smart vending and cashless payments. otiMetry incorporates
telemetry, sales, operations, and marketing into an affordable
all-inclusive solution that makes any vending business a smart and
interactive one with real-time online management capabilities and
alerts. The otiMetry System includes the OTI UNO 8700 Reader and
the GoBox Multi-Service Telemetry Gateway.
OTI’s UNO 8700 is the first contactless reader
produced outside Japan to achieve dual EMV/FeliCa
certification.
OTI’s GoBox is a powerful M2M cashless payment
and multi-services enablement gateway for unattended machines. It
provides new revenue streams for machine operators, from accepting
cashless payments through to selling Full-HD video via GoBox’s HDMI
output.
About OTI
On Track Innovations (OTI) is a global leader in the design,
manufacture and sale of secure cashless payment solutions using
contactless NFC technology with an extensive patent and IP
portfolio. OTI’s field-proven innovations have been deployed around
the world to address cashless payment and management requirements
for the Internet of Things (IoT), wearables, unattended retail and
petroleum markets. OTI distributes 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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