ASEC OTI's Subsidiary Selected for Electronic Passports Roll Out in Poland
14 August 2006 - 6:00PM
PR Newswire (US)
FORT LEE, N.J. and WARSAW, Poland, Aug. 14 /PRNewswire-FirstCall/
-- On Track Innovations Ltd, (OTI) (NASDAQ:OTIV), a global leader
in contactless microprocessor-based smart card solutions, for
homeland security, payments, petroleum payments and other
applications, today announced that PWPW S.A. (Polish Public
Printing Works) of Poland placed its first order with ASEC S.A.,
OTI's wholly-owned subsidiary for electronic passports inlays for
Polish citizens. Under the contract, ASEC S.A. will supply
contactless inlays that will be adhered to the passport cover.
Currently there are about 1.5 million passports issued in Poland
annually and the government intends to roll out the first
electronic passports starting this quarter. The first commercial
order will be supplied this year. OTI's electronic passport product
successfully passed tests by certified laboratories based on the
International Civil Aviation Organization (ICAO) and ISO 14443
testing procedures, for product performance including security,
durability, communications, personalization and more. Poland, with
a population of more than 38 million, is one of the new members of
the European Union. The new electronic passport is complying with
the EU's mandate that its members adopt the technology by August of
this year. According to a law passed by the Polish parliament, the
new electronic passports will be issued starting August 28 of this
year. OTI offers complete electronic passport inlay and production
line solutions. Electronic passport inlay supports stable, reliable
and fast transaction with basic access control (BAC) and active
authentication security and include inlays, inlays-to-cover,
personalization systems and contactless readers. OTI production
line solutions include patented machinery for inlay production for
complete electronic passport production solution. Anat Arazi,
President of ASEC S.A. said, "As a Polish company we are extremely
proud to be able to supply electronic passports for the local
market. We believe in our product superiority and looking forward
to many years of cooperation with PWPW." "OTI is proud to supply
electronic passports for the Polish government," said Oded Bashan,
President & CEO, OTI. "This new contract reinforces OTI's
position as a major player in the field of electronic passport
programs and further strengthens OTI's presence in the emerging
European countries." About OTI Established in 1990, OTI
(NASDAQ:OTIV) 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, payments, 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 Frost & Sullivan 2005 and
2006 Company of the Year Award in the field of smart cards. For
more information on OTI, visit http://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," "estimate" or similar expressions,
we are making forward-looking statements. 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 our goals, beliefs, future growth strategies,
objectives, plans or current expectations. Forward-looking
statements could be impacted by market acceptance of new and
existing products and our ability to execute production on orders,
as well as the other risk factors discussed in OTI's Annual Report
on Form 20-F for the year ended December 31, 2005, which is on file
with the Securities and Exchange Commission. Although OTI believes
that the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that
its expectations will be achieved. 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. OTI
Contact: Media Relations Galit Mendelson Adam Handelsman Director
of Corporate Communications 5W Public Relations 201 944 5200 ext.
111 212 999 5585 DATASOURCE: On Track Innovations Ltd CONTACT:
Galit Mendelson, Director of Corporate Communications of OTI,
+1-201-944-5200 ext. 111, ; or Adam Handelsman of 5W Public
Relations, +1-212-999-5585, Web site: http://www.otiglobal.com/
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