ROSH
PINNA, Israel, Oct. 4, 2017
- Brings total number of ordered systems to 5,000 during
2017
- OTI's industry-leading EMV and FeliCa contactless readers are
the latest innovations in FeliCa payment industry
- Japan's estimated 6 million
electronic vending machines represent a major opportunity for OTI's
innovative secure cashless payment solutions in the Asia-Pacific market
/PRNewswire/ -- On Track Innovations Ltd.
(OTI) (NASDAQ:OTIV), a global provider of near field
communication (NFC) and cashless payment solutions, announced today
it has received the second batch purchase order of 2,000 cashless
payment systems from Japan. The
systems include the Company's new UNO Plus EMV and
FeliCa contactless reader and the GoBox Multi-Service
Telemetry Gateway. The initial 3,000 system delivery that was
announced earlier this year has been successfully installed and
activated according to schedule by Billing Systems, OTI's exclusive
distributer in Japan.
"OTI's systems have seamlessly integrated into the Japanese
market. We are very satisfied with their continuing reliability and
superior product delivery," says Mr. Toshihiko Eda, President & CEO of Billing
Systems. "With OTI we look forward to a continually bright future
within the Japanese cashless payment market."
This recent order of 2,000 and the initial order of 3,000 are
both part of a previously announced Letter of Intent and
three-year purchase order for an impending 10,000 secure cashless
payment solutions systems in Japan.
"The Japanese market, which has an estimated 6 million
electronic vending machines, is rapidly adopting our systems," said
Shlomi Cohen, OTI's CEO. "While the
Japanese market can be conservative in adapting to new technology,
we believe this latest purchase order reflects this market's
confidence in the reliability of our technologies, as well as our
ability to deliver in accordance with strict deadlines. This early
success points to OTI's potential for further traction in this key
global market."
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 http://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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SOURCE On Track Innovations Ltd (OTI)