Press Releases

OTI Receives New Purchase Order for 5,000 Contactless Readers for the Smart ATM Market

ROSH PINNA, Israel, Oct. 7, 2019 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (Nasdaq: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that it has received a new purchase order for 5,000 units of OTI's Uno-8 advanced secure contactless NFC readers. These units will be used for the global Smart ATM market.

 

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By adding an OTI EMV-certified contactless reader, smart ATMs are provided with the ability to seamlessly and securely identify the account owner by communicating wirelessly with their smart devices, enabling an uninterrupted, simple, convenient and secure banking service for the customer.

"We are pleased with this new purchase order, which adds to a number of orders we have announced for OTI's advanced readers systems throughout the past year. Globally, we have already provided well over 50,000 reader systems to customers which are enabling smart ATMs with contactless NFC capabilities. Smart ATMs remain a key market for OTI, and we look forward to a further growth from this market in the coming quarters," commented Assaf Cohen, OTI's Interim Chief Executive Officer.

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. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for 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 "will," "expect," "look forward," "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 the further growth from the Smart ATMs market in the coming quarters. 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. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:
Gavriel Frohwein
+1-646-688-3559
oti@gkir.com

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