ROSH PINNA, Israel, Aug. 22,
2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI)
(NASDAQ: OTIV), a global provider of near field communication
(NFC) and cashless payment solutions, today announced that
it has received the MIR National Card Payment System organization
certification in the Russian market.
OTI expects to deliver 5,000 advanced payment systems to the
Russian market in the third quarter of 2018, for which OTI will
recognize a one-time sale, followed by a high-margin, recurring
revenue stream over the long-term. Due to confidentiality, the
terms of the contract cannot be disclosed.
The MIR certification was granted after tests between OTI and
MIR concluded with zero errors.
This certification grants OTI's Russian customers the ability to
use OTI's cashless payment solutions within the Russian market.
The Russian national payment system created the MIR payment card
in 2014 with the primary objective of making sovereign payments
fully independent of foreign organizations. As opposed to
traditional international payment card transactions, MIR
transactions cannot be suspended, as no external financial or
governmental factors control their processing. By the end of 2016,
1.8 million MIR cards had been issued by 64 banks, and according to
the Bank of Russia as of
September 2017, a total of 30 million
MIR cards are planned for release.
"We are very pleased to announce our receipt of the MIR
certification, a key component of our strategy to penetrate the
strategic Russian unattended payment market," said Shlomi Cohen, Chief Executive Officer of On
Track Innovations. "Our successful tests concluded with zero
errors, making our solution a clear favorite for the industry. We
currently expect to deliver at least 5,000 advanced payment systems
to the Russian market in Q3 2018."
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. Any statements that are not
statements of historical fact should be considered forward looking
statements. Whenever we use words such as "expect," "plan,"
"anticipate," "intend," "would," "should," "will," "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 such as the Russian
market, sources of revenue and anticipated revenue, including the
contribution from the growth of new products, services and markets
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)