ROSH PINNA, Israel, April 17, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC), cashless payment and fuel management solutions, announces today that Outdoor Vending Solutions (OVS) is partnering with OTI and Apriva to provide secure EMV payments and telemetry for their bulk, unattended vending solutions.
Texas based OVS manufactures and markets cage-type vending machines for selling bulky items such as firewood, charcoal and cases of bottled water and has exclusive contracts with Texas Parks and Wildlife. Their machines also target Big-box and convenience stores for unattended propane bottle sales and exchange.
“Upgrading to a fully EMV compliant payment solution that is also certified for use in hazardous locations such as propane vending was an easy choice,” says John Agor, President, OVS. “The otiKiosk solution powered by the Apriva gateway allows our clients the ability to offer relevant goods and services to their customers, even in remote and unattended environments.”
“This is indicative of our strategy to further expand our business activity in the US,” says OTI CEO Shlomi Cohen. “We are providing pre-certified, off the shelf cashless payment solutions that are very cost-effective. Cashless pays for itself by increasing sales and the modularity, scalability and ease of integration of our solutions makes the decision to switch to cashless even easier. We expect to be deploying thousands of otiKiosk systems in the next 24 months.”
otiKiosk comes with a full featured and pre-integrated Terminal Management System (TMS) that allows customers to manage their machines independently or as a service provided by OTI.
For more information on OTI’s cashless payment solutions for unattended retail environments visit the company’s website, follow the company on Twitter or LinkedIn, or schedule a meeting with OTI team at the upcoming NAMA OneShow.
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, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances, including UCP, Inc. in North America. 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.