ROSH PINA, Israel and FRANKFURT, Germany, July 23, 2002 (PRIMEZONE) -- OTI (Neuer Markt:OT5) today announced that its subsidiary InterCard has received an order from Hanover Medical University in Germany to introduce a contactless multifunction card and cash register system for the cafeteria. This order follows a successful introduction of the product with the university last year.
InterCard initially will issue ID cards with integrated payment, access control and time recording functions to approximately 7,500 employees and 3,500 students. In addition, InterCard will equip the central cafeteria with a corresponding cash register system for cashless payments.
By spring 2003 the installation of a self-service terminal will be completed for use throughout the entire complex of medical center buildings. The terminals will enable the students to register, pay tuition fees and update personal information independently. Additionally, students may use the terminals to update the card data, such as for a student ticket.
The Hanover Medical University provides a clinical center with 1,350 beds as well as 19 medical centers with some 80 departments. In addition, the complex includes buildings for research and teaching, a library, residential houses, service buildings and sports facilities.
Gerson Riesle, Managing Director of InterCard, said the Hanover project "successfully demonstrates the value of our campus solution within the clinical field and thus provides the company with new market potential."
Oded Bashan, President and CEO of OTI commented: "We are pleased that the Hanover Medical University has followed the University of Hanover in introducing this contactless solution. It certainly demonstrates the success of this product."
About InterCard InterCard is a wholly owned subsidiary of OTI and is a worldwide supplier of innovative and multiusage card solutions.
About OTI
Established in 1990, OTI (On Track Innovations) designs and develops contactless microprocessor based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for mass transit, parking, gas management systems, loyalty schemes, ID and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Visit OTI on the Internet at www.oti.co.il.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. The press release is being issued pursuant to and in accordance with Rule 135(a) of the United States Securities Act of 1933. This press release contains forwardlooking statements within the meaning of the United States Securities laws. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although OTI believes that the expectations reflected in such forwardlooking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. 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 otherwise.