DFS to distribute OTI’s EasyFuelPlus in 130 countries including North America
ROSH PINNA, Israel and AUSTIN, Texas, April 24, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC), cashless payment and fuel management solutions, through its wholly owned subsidiary OTI PetroSmart, is pleased to announce that it has signed a global strategic supply agreement with Dover Fueling Solutions (DFS), a leading provider of advanced fuel-dispensing equipment and automation solutions and a subsidiary of Dover (NYSE:DOV).
“The commercial fueling market is substantial, with approximately 270 million corporate vehicles globally, 25% of which are in North America. We believe our fuel management solutions create significant value for customers by simplifying and securing refueling and payment processes in order to effectively manage fuel consumption and help prevent fraud,” stated OTI CEO Shlomi Cohen. “We are pleased to be on track for the rollout of our fuel management products in North America this year.”
Under the terms of the agreement, OTI PetroSmart will supply its EasyFuelPlus Automatic Vehicle Identification (AVI) technology to Dover Fueling Solutions’ OPW FMS, Wayne Fueling Systems, and Tokheim brands. The EasyFuelPlus solution, which is fully integrated with automation systems from all three DFS subsidiaries, will be rebranded for DFS and will be available globally via a network of direct operations and channel partners in the 130 countries that DFS serves.
EasyFuelPlus is one of the most advanced and comprehensive AVI fuel management solutions available today, ensuring that the right amount of the right type of fuel is dispensed into the right vehicle in a convenient and secure manner. DFS will standardize EasyFuelPlus in the markets where it operates and will actively promote the integrated solution across industry verticals in such markets.
The agreement, which is subject to minimum order commitments and is exclusive for North America, positions AVI at the heart of DFS’ commercial fuel management solutions, whilst also providing oil companies and retail forecourt operators with new opportunities to drive revenues through secure corporate fleet and consumer loyalty programs, optimized throughput, and convenient unattended payments.
“This exciting strategic partnership builds upon the strong foundation of OTI PetroSmart’s established business relationships with Wayne and Tokheim, and also opens up significant opportunities in the North American market and elsewhere through OPW FMS,” said Charlotte Hambly-Nuss, OTI PetroSmart’s Managing Director. “We are delighted to be associated with DFS as they continue their journey as a combined group of world renowned brands, and look forward to lending our vast fuel management experience to DFS as they launch the solution in North America and beyond.”
Kurt Dillen, General Manager of the Systems Business Unit at DFS, added, “The smart AVI solutions from OTI PetroSmart will further complete DFS’ global product offerings for our retail and commercial customers. We look forward to offering our customers this additional mode of payment.”
About OTI PetroSmart
OTI PetroSmart, established in 2000, is a leading provider of integrated fuel management solutions and operates in over 40 countries via a network of strategic partners and distributors.
OTI PetroSmart products automate, simplify and secure the refueling and payment process across a range of verticals, including the retail, commercial, industrial and mining sectors. Our core solutions help reduce operational expenditure by eliminating manual processes as well as by providing quality data that not only enables the effective management of fuel consumption but also helps to prevent fraud. For more information, visit www.otipetrosmart.com.
About Dover Fueling Solutions
Dover Fueling Solutions (“DFS”), a Dover company (NYSE:DOV) and comprised of the businesses of ClearView, Fairbanks, ProGauge, Tokheim, Wayne Fueling Systems and OPW’s Fuel Management Systems, delivers advanced fuel dispensing equipment, electronic systems and payment, automatic tank gauging and wetstock management solutions to customers worldwide. Headquartered in Austin, Texas, DFS has a significant manufacturing presence around the world, including facilities in the USA, the UK, the Netherlands, Sweden, France, India, China, and Brazil. For more information, visit www.doverfuelingsolutions.com.
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 or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, 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.