OTI Delivers First Batch of 3,000 Payment Systems to Well-Known Japanese Retailer
July 17 2017 - 08:31AM
On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global
provider of near field communication (NFC) and cashless payment
solutions, announced today the successful delivery of 3,000 payment
systems to a well-known Japanese retailer. The systems include the
Company’s new UNO Plus EMV and FeliCa contactless reader and the
GoBox Multi-Service Telemetry Gateway. This first 3,000 system
delivery was completed according to schedule and is part of a
previously announced letter of intent and purchase order for 10,000
systems.
“This is a meaningful milestone for OTI,” said Shlomi Cohen,
OTI’s CEO. “We have set our first foothold in Japan’s estimated 6
million vending machine market. This milestone also indicates that
we are executing on our strategy to grow OTI’s business in the
substantial Asia-Pacific market. Our EMV and FeliCa-based
thin-client payment solutions were designed specifically for the
Japanese market, creating flexibility, with local customers paying
using FeliCa based cards and international customers paying using
their EMV credit cards, such as Visa and MasterCard.”
OTI’s UNO Plus is the first contactless reader
produced outside Japan to achieve dual EMV and FeliCa
certification.
OTI’s GoBox is a powerful Machine-to-Machine
(M2M) controller, payment gateway and multi-services enabler for
unattended machines. It provides new revenue streams for machine
operators, from accepting cashless payments through streaming paid
Full-HD video via the 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, 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 Investor Contact
ir@otiglobal.com
OTI Press Contact
Neil Barr
Director of Marketing
+972-4-686-8004
press@otiglobal.com
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