ROSH PINNA, Israel, April 1, 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 had received a significant order
for more than 6,000 advanced payment systems for use in Russian
rail ticketing systems. The systems are due to be delivered
primarily in the second quarter.
This is an additional large-scale order from the Russian market
following OTI's successful acceptance of the mandatory MIR
certification in the ever-growing Russian self-service market. OTI
delivered 11,000 cashless payment systems to Russia in 2018 and expects a higher rate of
deliveries in 2019.
OTI's CEO Shlomi
Cohen commented, "We are very pleased with
this new order from the Russian market. This confirms that our
strategy to gain MIR certification and target this growing market
is certainly paying off, generating increasing revenues for OTI. We
won this order based on our technological capabilities and a
demonstration of the highest level of security. This important
customer has become another key reference for us in Russia and we look forward to accelerating our
momentum in the region over the coming quarters and years."
MIR approval was granted to OTI in August
2018, enabling Russian consumers to use an OTI cashless
payment solution as a convenient way to make payments through
unattended automated machines. The Russian national payment system
created the MIR payment card at the end of 2015 with the primary
objective of sovereign payments to be independent of foreign
organizations. In only 3 years, the number of MIR cards issued has
grown quickly and currently amounts to over 37 million, around 20%
market share, based on data from the Russian Central Bank.
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
"will," "expect," "look forward," "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,
accelerating our momentum in Russia over the coming quarters and years,
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. 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.
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
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SOURCE On Track Innovations Ltd. (OTI)