ROSH PINNA, Israel, July 24,
2017 /PRNewswire/ -- On Track Innovations Ltd.
(OTI) (NASDAQ: OTIV), a global provider of near field
communication (NFC) and cashless payment solutions, announces that
its new Uno-8 (SATURN 8700) contactless reader has been granted
EMVCo Modular Level 2 Terminal approval.
The new Modular architecture provides OTI's customers with the
ability to deploy upgrades or additional applications and features
to its existing reader install base without requiring
recertification of the entire terminal. Modular architecture
permits OTI customers deploying the Uno-8 reader to reduce costs
and shorten the certification process by allowing certification on
a per-application, rather than a per-terminal basis. The Modular
architecture also enables OTI's OEM customers to leverage existing
Level 2 approvals for their use while optimizing the certification
process.
"This new achievement shows how OTI is committed to provide its
clients with the most advanced technologies while maintaining the
highest security standards," says OTI CEO Shlomi Cohen. "We constantly strive to be in the
forefront of today's innovations and having products that have both
EMVCo and FeliCa certifications proves our global thinking in
creating cost efficient products that support most of today's
requirements."
For more information regarding the approval granted by EMVCo,
please see EMVCo's list of Approved Contactless Products.
OTI notes that EMVCo approval of the Contactless Product
contained in the Uno-8 (SATURN 8700) product shall mean only that
the Contactless Product has been tested in accordance and for
sufficient conformance with the EMV Specifications, Version 2.5, as
of the date of testing. EMVCo approval is not in any way an
endorsement or warranty regarding the completeness of the approval
process or the functionality, quality or performance of any
particular product or service. EMVCo does not warrant any products
or services provided by third parties, including, but not limited
to, the producer or provider of the Contactless Product and EMVCo
approval does not under any circumstances include or imply any
product warranties from EMVCo, including, without limitation, any
implied warranties of merchantability, fitness for purpose, or
non-infringement, all of which are expressly disclaimed by EMVCo.
All rights and remedies regarding products and services which have
received EMVCo approval shall be provided by the party providing
such products or services, and not by EMVCo and EMVCo accepts no
liability whatsoever in connection therewith.
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
View original
content:http://www.prnewswire.com/news-releases/oti-uno-8-saturn-8700-reader-granted-emvco-modular-level-2-contactless-terminal-type-approval-300492602.html
SOURCE On Track Innovations Ltd (OTI)