ROSH PINA, Israel, Nov. 13,
2017 /PRNewswire/ -- On Track Innovations Ltd.
(OTI) (NASDAQ: OTIV), a global provider of near field
communication (NFC) and cashless payment solutions, announced today
it has rebranded its Kraków, Poland-based mass transit ticketing
subsidiary, ASEC S.A., as OTI Europa.
"OTI is recognized as a powerful international brand in the NFC
contactless technology and cashless payments market," said
Shlomi Cohen, OTI's CEO. "Mass
transit ticketing payments and usage are increasingly moving
towards cashless and contactless platforms via mobile devices and
NFC cards. Government initiatives and investments into automating
mass transit, combined with enabling technologies, and the
widespread use of connected devices in smart cities are driving
these trends."
Agnieszka Światły, General Manager of OTI Europa, added, "We
look forward to a bright future in the global mass transportation
market as OTI Europa. Under one brand, we channel our strengths to
create a major force within the cashless payment solution
arena."
The global automated fare collection (AFC) market, part of which
OTI Europa's/OTI's products address, enables automated ticketing
systems for public transportation networks, and is estimated to
reach $10.7 billion by 2025 according to Grand View Research.
Contactless mobile ticketing and is expected to account for 50%
of fare collection in transportation by 2021.
OTI's mass transit ticketing solutions include cashless payment
solutions for contactless ticketing via ticket vending machines and
e-ticketing through hundreds of ticket vending machines and point
of sale terminals, as well as customer service centers in
Europe.
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 unattended retail and petroleum markets, the Internet of Things
(IoT) and wearables. 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 the share of the contactless fare
collection in transportation by 2021 of the entire fare collection,
our growth, the growth of the market and the market trends. 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.
For further information:
OTI Press Contact
Richard Harris
Marketing Manager
+972-4-686-8004
press@otiglobal.com.
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SOURCE On Track Innovations Ltd (OTI)