ROSH PINNA, Israel, June 3,
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 another significant order for more than 2,000 advanced
payment systems for use in Russian ticketing.
This additional order builds on OTI's previous success in the
significant Russian market, having delivered to date almost 18,000
cashless payment systems.
The Uno EMVco & MIR certified NFC ultra-compact payment
platform is explicitly designed to meet the needs of unattended
kiosk and self-service payment environments, the system can also be
used for Smart Electric Vehicle charging stations, and smart
ATMs.
OTI's CEO Shlomi Cohen
commented, "We won this order based on our leading
technological capabilities and it is 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 that sovereign payments would be independent of foreign
organizations. In only 4 years, the number of MIR cards issued
has grown quickly and currently amounts to over 56 million,
over 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),
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," "look forward," "intend," "plan," 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, , position in the market, contributions of new
or existing regions or markets to our growth, 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)