ROSH PINNA, Israel, March 28,
2018 /PRNewswire/ --
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global
provider of near field communication (NFC) and cashless payment
solutions, today announced that the Company's European branch, OTI
Europa ASEC (ASEC S.A.), has signed a contract with the Public
Transport Authority (PTA) in Warsaw (Zarząd Transportu Miejskiego) for the
design, execution and implementation of the "Kasa +" system to
support Passenger Service Points in and around Warsaw.
The contract is the result of a public tender won by OTI Europa
ASEC (ASEC S.A.) and is expected to be completed over the next 13
months, with a value of approximately $300,000 USD to OTI.
"OTI Europa ASEC is responsible for providing the IT system,
analysis of requirements and solution preparation, as well as for
system launch and 3 years warranty protection," said Agnieszka Swiatly, Managing Director, OTI Europa
ASEC. "With wide knowledge related to the PTA's sales system and
know-how associated with the market and technology, we were able to
prepare a winning offer."
Public transport in Warsaw
urban complex is managed and supervised by the Public Transport
Authority (Zarząd Transportu Miejskiego) in Warsaw, the member of the European
Metropolitan Transport Authorities (EMTA) and the International
Association of Public Transport (UITP). It provides transport to
two million citizens of the Warsaw
metropolitan area as well as connects Warsaw to its neighboring communes.
OTI Europa ASEC (ASEC S.A.) is one of the largest
operators of e-ticketing and paper ticket sales systems in the
public transport on polish market. It creates, delivers, implements
and supports IT systems for public transport, OTI Europa ASEC
provides and integrates certified solutions for contactless
payments, allowing for quick cashless payment transactions with
bank cards and NFC.
OTI Europa ASEC is a part of OTI - On Track Innovations group.
For more information, visit www.otieuropa.com.
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. 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, 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," 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, expected
divestitures, plans for our existing and new products and services,
penetration of new markets and securing new customers, and deliver
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. The reader is cautioned not to place
undue reliance on forward-looking statements.
Investor Relations Contact:
Greg Falesnik
MZ North America
1-949-385-6449
Greg.Falesnik@mzgroup.us
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SOURCE On Track Innovations Ltd