OTI Receives Purchase Orders for Thousands of Payment Systems to be Installed at Leading U.S. Food Chains and Kiosk Operators...
February 15 2017 - 8:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of
near field communication (NFC) and cashless payment solutions,
today announced it has received purchase orders through its channel
partners to supply thousands of advanced self-checkout payment
systems, incorporating the Company’s cashless payment systems, to
leading U.S. based kiosk and food chain operators. The systems will
be shipped throughout 2017.
The cashless payment systems are intended to be used at kiosks
and self-checkout stations in a number of retail and “household
name” food chain outlets across the USA. The purchase orders were
received from numerous OTI channel partners during the first six
weeks of 2017.
“These purchase orders continue the growth momentum we are
currently experiencing at OTI,” says Shlomi Cohen, OTI’s CEO. “We
bring an all-inclusive and affordable solution for the global
self-checkout kiosk market that is estimated to reach U.S. $18
billion by 2023. The inclusion of near field communication (NFC)
technology - our expertise - into these machines is changing
operations on a global scale. It enables customers to have an
intuitive, quick and seamless shopping experience.”
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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