ROSH PINNA, Israel, May 29,
2018 /PRNewswire/ --
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (the
"Company" or "OTI"), a global provider of near field communication
(NFC) and cashless payment solutions, has announced that the
Company's European branch, OTI Europa ASEC (ASEC S.A.), has signed
a new agreement to provide intermediation in the sale of train
tickets for trains operated by Mazowieckie Railways in Poland.
As part of the contract, OTI Europa ASEC will provide service to
the Masovian Card and sharing information via the infokiosk using
84 ticket vending machines. The contract has a one-year value of
approximately $500,000 USD to
OTI.
"Our ticketing sales network in Poland continues to gain traction in a
meaningful way, which we view as a testament to the value we offer
to our customers," said Agnieszka
Swiatly, Managing Director, OTI Europa ASEC. "We look
forward to a long and successful relationship with Mazowieckie
Railways as we work to expand our footprint and gain additional
market share in the year ahead."
About Mazowieckie Railways
Since 2005, the Mazowieckie Railways has provided a public
service in the field of regional rail passenger services on behalf
of the Mazowieckie voivodeship local government. Mazowieckie
has provided high quality passenger rail transport in the
Warsaw agglomeration and the rest
of the Mazowieckie voivodeship, as part of an integrated public
transport system.
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," "will," "look
forward" or similar expressions, we are making forward-looking
statements. For example, we are using forward-looking statements
when we discuss our expectations regarding gain additional market
shares, 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. (OTI)