ROSH PINNA, Israel, April 4, 2018 /PRNewswire/ --
On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that its wholly owned subsidiary, OTI Europa ASEC (ASEC S.A.), has signed a new contract with the Polish National Post Office (Poczta Polska S.A.) to manage Warsaw's public transportation "Smart City" card program.
These postal point of sale (POS) kiosks will allow consumers to purchase or refill "Smart City" cards for public transportation in the Warsaw metropolis area via train, bus, or other mode of public transportation.
OTI will be providing both the payment portion, as well as software, in 272 "Smart City" card terminals throughout 218 post offices in Warsaw, whereby OTI will control the entire sales and payment process. This is a recurring revenue contract, but due to confidentiality, the terms of the contract cannot be disclosed. OTI Europa ASEC's network now includes 800 POS points throughout Poland.
"Our ticketing sales network in Poland continues to gain traction, which we believe is a strong testament to the value we bring our customers and the citizens of Poland," said Agnieszka Swiatly, Managing Director of OTI Europa ASEC. "Using our total solution, users of 'Smart City' cards throughout Warsaw will be able to conveniently purchase and refill their cards, even while visiting the post office."
Poczta Polska S.A. is a company with a 460-year tradition, acting as the biggest postal operator on its local market (Poland) – the network includes 7,500 postal offices, subsidiaries, and agencies, all serving private and corporate customers.
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. The company 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.
The company is a part of OTI - On Track Innovations. 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. (OTI)