OTI Enters Russian Unattended Cashless Payment Market with Leading Local Partners
June 19 2017 - 8:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of
near field communication (NFC), cashless payments and fuel
management solutions, has formed a new strategic partnership with
local partners in the Russian Federation to supply cashless payment
solutions for various market segments.
The local partners are considered to be the
largest Russian vending operators, with an extensive installed base
of coffee and snack machines throughout the Federation. The
agreement includes the entire range of OTI’s cashless payment
solutions for unattended retail environments including otiMetry
vending Telemetry, Trio and Uno EMV cashless readers.
These partners embrace considerable experience
and knowledge of the vending industry, have thorough understanding
of the Russian vending market demands and maintain extensive
R&D providing localization and customization services to
support their clients’ requirements.
“Entering the Russian Federation, which is
currently adopting cashless payment solutions, provides OTI an
excellent opportunity for a fast-growing market and shows how we
are committed to increasing our presence and activities in global
markets,” says OTI CEO, Shlomi Cohen. “Our certified and
cost-effective cashless payment solutions are constantly proven to
be an excellent fit to vending, self-service and automated retail
markets.”
About OTIOn 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 Payment Things (IoPT),
wearables, automated retail and petroleum markets. OTI distributes
and supports its solutions through a global network of regional
offices and alliances. OTI is the proud recipient of the 2017 AI
Award for Best Cashless Payment Solutions Provider – Israel. For
more information, follow the company on Twitter and LinkedIn or
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, 2016, 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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