ROSH
PINNA, Israel,
Feb. 25, 2019 /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
successfully partnered with Puma Energy in Namibia and Botswana, launching the iFUELGUARD B2B
solution based on OTI's innovative AVI
EasyFuelPlus solution. Puma Energy also welcomes
customers who are contracted to Masana Petroleum, BP's commercial
arm in the region, to Puma stations in Namibia and Botswana for all their cross border refueling
requirements.
OTI expects to generate increasing revenues from this solution
as Puma's footprint grows and transaction volumes increase.
Puma Namibia recently, embarked
on a program to more than double its footprint of service stations
offering this facility This was a significant factor in
them securing a recently awarded government tender. Puma
Energy completed the roll out of iFUELGUARD based on the
EasyFuelPlus technology solution in Zambia. Implementations in the South African
and Angolan markets are underway, with expectations of a commercial
launch in the second quarter. Furthermore, five additional Southern
African markets are targeted in the next phase of implementation in
the near term.
"We are pleased with the partnership with Puma, which will
significantly expand our footprint for our EasyFuelPlus
solution in the Southern African market," commented Shlomi Cohen, CEO of OTI. "The partnership
using iFUELGUARD and EasyFuelPlus to minimize fuel fraud and
effectively manage fuel consumption represents the next generation
of B2B fueling. Together with Puma, we aim to expand the deployment
of our solution into Central
America and APAC in the second half of 2019 and look forward
to a long and fruitful partnership together."
"We are excited to launch this innovative solution to our
customers in Africa and look
forward to it becoming part of our global offer," said Sidy Bane
Puma Energy's Chief Operating Officer, Africa.
About Puma Energy
Puma Energy is an integrated local and global energy
organization. We bring secure, safe and affordable fuels,
lubricants and other oil products to businesses, households and
motorists every day. Our customer base and product categories
worldwide include Aviation, Bunkering, Bitumen, Liquid Petroleum
Gas, Lubricants and Fuel. We are obsessed with product quality and
the safety of our people and customers. Whilst we work hard to
deliver service excellence, Puma Energy is about making a real
difference in the lives of ordinary people and all the communities
within which we operate. We have a growing network of over 3,130
high quality service stations (and counting) across 49
countries
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 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," "estimate" 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, revenues, profitability,
plans for our existing and new products and services, penetration
of new markets and securing new customers, position in the market,
contributions of new or existing regions or markets to our growth,
strengthening of our balance sheet and delivery 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.
OTI Press Contact:
Richard
Harris
Marketing Manager
+972-4-686-8004
press@otiglobal.com
Investor Relations Contact:
Gavriel Frohwein
+1-646-688-3559
oti@gkir.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/oti-partners-with-puma-energy-to-gain-momentum-across-southern-africa-300801068.html
SOURCE On Track Innovations Ltd. (OTI)