ROSH PINNA, Israel, June 6,
2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI)
(NASDAQ: OTIV), a global provider of near field communication (NFC)
and cashless payment solutions, today announced a new long-term
service contract with the Mazowieckie Railways Company.
As part of the four-year contract, which as an estimated value
of $155,000, OTI Europa will provide
and maintain Mazowieckie Railways' Masovian Smart Cart IT system in
support of electronic ticket sales. Mazowieckie Railways is part of
an integrated public transit system that provides regional
passenger rail service on behalf of the Mazowieckie voivodeship
local government, Poland's largest
and most populous province.
"We are pleased that Mazowieckie Railways chose OTI as their
partner for ongoing IT support," said Shlomi Cohen, CEO of On Track Innovations. "Our
significant experience within the European mass transit market
positions us favorably for future contract wins in this segment.
This multi-year service contract stands as a testament to our
continued efforts to build a steady base of long-term recurring
revenues, which we believe will be a notable long-term value driver
for our shareholders. We look forward to continued execution on
this front."
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 / 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," "would,"
"should," "will," "look-forward," "can" or similar expressions, we
are making forward-looking statements. For example, we are using
forward-looking statements when we discuss, among others: our plans
for the future, our expectations regarding future product launches
and growth into new markets, traction with our cryptocurrency
efforts and our expectation of bringing tremendous value to our
industry while generating predictable, high-margin, recurring
revenues for the Company and great value for our shareholders.
Forward-looking statements are made as of the date of this document
and are inherently subject to risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements. Additional factors that could cause
actual results to differ materially from those anticipated by our
forward-looking statements are stated under the captions "Risk
Factors" in our most recent Annual Report (Form 10-K) and other
known and unknown uncertainties and risk factors including those
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Forward-looking statements are
made as of the date of this release, and we expressly disclaim any
obligation or undertaking to update forward-looking statements. 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)