- Recurring revenue per gallon of fuel pumped
- Customer is large multinational oil company
- Automatic Vehicle Identification (AVI) solution provides automated fuel management and cashless payment
ROSH PINNA, Israel, April 03, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC), cashless payment and fuel management solutions, announced today that its wholly owned subsidiary, OTI PetroSmart, has received an order to deploy OTI’s EasyFuelPlus Automatic Vehicle Identification (AVI) solution across a network 300 on-road gas service stations across Southern Africa. These 300 fueling service stations are already in OTI PetroSmart’s network of sites that have served multiple other commercial fleet customers with OTI’s legacy AVI solution.
“Our legacy AVI fuel management system has distinguished itself in the market by addressing fuel fraud and enabling fleet customers to effectively manage their fuel consumption,” said Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart. “We are confident our latest AVI solution, EasyFuelPlus, will build upon the field proven success and continue providing our valued end users with a seamless and intuitive AVI experience.”
OTI CEO Shlomi Cohen added, “We are very pleased to receive this significant purchase order from a major multinational oil company. The value and efficiency improvements our EasyFuelPlus product delivers to our customers enables us to structure a pricing model that includes recurring revenue per gallon of fuel to OTI. Through our OTI PetroSmart subsidiary, we are looking to increase revenue share from this market application of our fuel management solutions.”
For more information visit www.otipetrosmart.com.
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 refuelling 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.
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. 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.