ROSH PINA, ISRAEL--(Marketwired - Jul 13, 2016) - On Track Innovations Ltd. (oti) (
In January 2016, oti secured a strategic partnership with the leading provider of magnetic card readers used in financial self-service terminals globally to equip the partner's terminals with oti's NFC readers. Following the initial pilot deployments during the second quarter of 2016, the partners are actively marketing the retrofitted NFC solution to the magnetic card reader provider's existing global customer base, initialing targeting more than 200,000 self-service terminals. The partners estimate the total addressable market for oti's reader to be more than three million terminals around the world.
"Our innovative NFC technology allows major financial institutions to benefit from the power and growing consumer adoption of NFC to not only enhance the customer experience, but also significantly improve security and lower operating costs," said oti CEO Shlomi Cohen. "We look forward to further collaborating with our strategic partner to retrofit their installed base of self-service terminals, which represents a majority of our overall total addressable market."
The patented SATURN 6700 UNO's ultra-compact form factor was designed to easily add NFC capability to existing unattended electronic transaction terminals, from ATMs and self-checkout kiosks to access control points, vending machines and gaming machines. UNO's "plug-and-play" design makes it highly cost-effective to deploy alongside existing magnetic card readers, allowing the transaction terminal to seamlessly accept contactless cards and NFC-based mobile payments, such as Apple Pay™, Android Pay™ or Samsung Pay™.
About oti On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets 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.
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