ROSH PINNA, Israel, March 28, 2018 /PRNewswire/ --
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that the Company's European branch, OTI Europa ASEC (ASEC S.A.), has signed a contract with the Public Transport Authority (PTA) in Warsaw (Zarząd Transportu Miejskiego) for the design, execution and implementation of the "Kasa +" system to support Passenger Service Points in and around Warsaw.
The contract is the result of a public tender won by OTI Europa ASEC (ASEC S.A.) and is expected to be completed over the next 13 months, with a value of approximately $300,000 USD to OTI.
"OTI Europa ASEC is responsible for providing the IT system, analysis of requirements and solution preparation, as well as for system launch and 3 years warranty protection," said Agnieszka Swiatly, Managing Director, OTI Europa ASEC. "With wide knowledge related to the PTA's sales system and know-how associated with the market and technology, we were able to prepare a winning offer."
Public transport in Warsaw urban complex is managed and supervised by the Public Transport Authority (Zarząd Transportu Miejskiego) in Warsaw, the member of the European Metropolitan Transport Authorities (EMTA) and the International Association of Public Transport (UITP). It provides transport to two million citizens of the Warsaw metropolitan area as well as connects Warsaw to its neighboring communes.
OTI Europa ASEC (ASEC S.A.) is one of the largest operators of e-ticketing and paper ticket sales systems in the public transport on polish market. It creates, delivers, implements and supports IT systems for public transport, OTI Europa ASEC provides and integrates certified solutions for contactless payments, allowing for quick cashless payment transactions with bank cards and NFC.
OTI Europa ASEC is a part of OTI - On Track Innovations group. For more information, visit www.otieuropa.com.
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. 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, automated 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," 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, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and deliver 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. The reader is cautioned not to place undue reliance on forward-looking statements.
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SOURCE On Track Innovations Ltd