ROSH PINNA, Israel, Jan. 31, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced receiving its first purchase order of FeliCa certified contactless advanced payment systems from a well-known Japanese retailer. The order is based on a Letter of Intent (LOI) previously announced by OTI between the Company and the major Japanese retailer to purchase 10,000 systems over a period of 3 years.
The payment systems in this purchase order are expected to be delivered during 2017. The system is based on the Company’s new UNO 8700 EMV and FeliCa contactless reader and the GoBox Multi-Service Telemetry Gateway.
“This is a significant purchase order for OTI,” said Shlomi Cohen, OTI’s CEO. “Japan has an estimated 6 million vending machines, which represents a major opportunity for growth for OTI in the Asia-Pacific market. Our FeliCa-based otiMetry vending telemetry solution is perfectly suited for the Japanese market where our technology offers FeliCa cashless payments, which are required for local customers, while also enabling international customers a way to pay using their preferred EMV credit cards, such as Visa and MasterCard.”
otiMetry is a modular and cost-effective telemetry solution for smart vending and cashless payments. otiMetry incorporates telemetry, sales, operations, and marketing into an affordable all-inclusive solution that makes any vending business a smart and interactive one with real-time online management capabilities and alerts. The otiMetry System includes the OTI UNO 8700 Reader and the GoBox Multi-Service Telemetry Gateway.
OTI’s UNO 8700 is the first contactless reader produced outside Japan to achieve dual EMV/FeliCa certification.
OTI’s GoBox is a powerful M2M cashless payment and multi-services enablement gateway for unattended machines. It provides new revenue streams for machine operators, from accepting cashless payments through to selling Full-HD video via GoBox’s HDMI output.
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 Things (IoT), wearables, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. 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, 2015, 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.