OTIV On Track Innovations Ltd

OTI Receives First Commercial Orders From Hypercom Corporation for 'Contactless' Reader Solutions * Retailers to Benefit from OTI and Hypercom Technologies that Enable New, More Convenient, Contactless, Faster Payment Programs FORT LEE, N.J., March 1 /PRNewswire-FirstCall/ -- On Track Innovations Ltd. (OTI) (Nasdaq: OTIV; Prime Standard (Frankfurt): OT5), a global leader in contactless microprocessor-based smart card solutions for homeland security, micropayments, petroleum payments and other applications, today announced that global payment technology leader Hypercom Corporation (NYSE:HYC) has ordered its first commercial quantities of OTI's contactless reader solutions. OTI's contactless readers will be integrated into Hypercom's high-speed, profit-building Optimum T4100 multi-application and Optimum L4100 signature capture card payment terminals specifically designed to speed the check-out lines at retailers worldwide to enable Hypercom's fast, easy-use and intelligently integrated card payment terminals and transaction networking solutions to give retailers, Independent Sales Organizations (ISOs) and financial institutions the ability to generate new revenues and profits. Hypercom has already integrated into its solution set OTI's contactless Saturn 5000 reader, which offers a plug-and-play retrofit option to merchants already using Hypercom technology at the point-of-transaction. OTI's patented "matched-antenna" contactless technology coupled with Hypercom's industry-leading card payment terminals enable fast, easy and seamless, reliable and secure communication. The combined solution also allows issuers to provide consumers with highly secure contactless cards and key fobs with smart stickers and custom designs, such as new specially equipped watches that feature transaction capabilities. "We are pleased to provide Hypercom with our contactless reader solutions which are compliant with MasterCard PayPass(TM), American Express ExpressPay(TM) and other payment programs and to support the growing demand for contactless payment solutions," said Oded Bashan, president and CEO, OTI. "Demand for our Optimum contactless payment terminals is escalating significantly," said Eric Duprat, senior vice president, Global Marketing and Product Development, Hypercom Corporation. "The intelligent integration of OTI and Optimum is a win-win for retailers who want to speed the check-out line and boost the profit-line." About OTI (http://www.otiglobal.com/) Established in 1990, OTI (NASDAQ:OTIVNASDAQ:PrimeNASDAQ:Standard:NASDAQ:OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, micropayments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. For more information on OTI, visit http://www.otiglobal.com/. Hypercom is a registered trademark of Hypercom Corporation. Optimum and Design are registered trademarks of Hypercom Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners. Certain matters discussed within this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding market acceptance of new products, product performance, product sales, revenues and profits. These forward-looking statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include, industry, competitive and technological changes; the loss of, and failure to replace any significant customers; the composition, timing and size of orders from and shipments to major customers; inventory obsolescence; market acceptance of new products and services; the performance of suppliers and subcontractors; risks associated with international operations and foreign currency fluctuations; the state of the U.S. and global economies in general and other risks detailed in our filings with the Securities and Exchange Commission, including the Company's most recent 10-K and subsequent 10-Qs. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. This press release and other releases are available on http://www.otiglobal.com/ and http://www.portfoliopr.com/ OTI Contact: Media Relations IR Contact: Galit Mendelson Adam Handelsman Paul Holm Director of Corporate 5W Public Relations PortfolioPR Communication 201 944 5200 ext. 111 212 999 5585 212 736 9224 DATASOURCE: On Track Innovations Ltd. CONTACT: Galit Mendelson, Director of Corporate Communication of OTI, +1-201-944-5200 ext. 111, ; or Media Relations: Adam Handelsman of 5W Public Relations, +1-212-999-5585, ; or IR Contact: Paul Holm of PortfolioPR, +1-212-736-9224, , both for OTI Web site: http://www.otiglobal.com/ http://www.portfoliopr.com/

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