The order follows a successful pilot program completed in December. OTI has since begun to deliver volume shipments of Saturn 6500s to the integrator for distribution to its nationwide customer base.
The Saturn 6500 is a secured NFC and contactless reader built specifically for the unattended machine market, providing quick and easy support for electronic payments. Such cashless payments can increase sales by 20% or more since it does not limit the purchase to the cash in a customer's pocket.
"This win represents another example of our NFC readers meeting the demanding needs of our global customers and partners," said Ofer Tziperman, the company's CEO. "A key determining factor in establishing this valuable new relationship was our ability to quickly customize our Saturn reader to meet the customer's unique specifications under a strict timeline. This capability, coupled with our highly reliable and secure NFC technology, continues to provide significant competitive advantages where we are able to supplant existing competitive technology as well as create new opportunities for implementing our patented NFC-based systems."
"Our accelerating sales momentum and growing industry adoption as the 'de facto standard' for NFC technology reveals that the market is at a tipping point in the transition to cashless payments," added Tziperman. "Given the strength of our IP and global presence, OTI is ideally positioned to capitalize on this multi-billion dollar revolution."
About the Saturn 6500 NFC Reader
The Saturn 6500 NFC Reader offers convenient and flexible payment card transactions, by either magnetic stripe or by contact or contactless methods, and is fully certified by all leading card associations. The reader's modular design is easily installed with various connection options, making the Saturn 6500 NFC Reader a perfect solution for pay-at-the-pump, drive-thru, vending machines, self-serve laundry and other unattended retail applications. The reader employs OTI's patented 'matched antenna' technology that provides reliable and secure device communication.
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. 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. For example, forward-looking statements include statements regarding receipt of future consideration from the sale of OTI's SmartID Division, OTI's long term growth and profitability, further penetration of the NFC markets and execution of OTI's growth plans. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in OTI's annual report on Form 20-F for the year ended