OTI to Provide USA Technologies Next Generation Contactless Payment Readers
26 October 2006 - 11:04PM
PR Newswire (US)
Initial Orders are for 10,000 Readers FORT LEE, N.J., Oct. 26
/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 USA
Technologies (OTC: USAT) (BULLETIN BOARD: USAT) , a leader in the
networking of wireless non-cash transactions for financial/network
services and energy management, has selected OTI to provide its
next generation contactless reader solution to be integrated into
USA Technologies' Generation Six (G6) e-Port(R) cashless
transaction solution, developed specifically to accept contactless
payments for vending machines. Initial orders are for 10,000
readers with initial deliveries commencing before the end of the
year. The integrated solution will be demonstrated at the National
Automatic Merchandising Association Expo, booth 1627, October 25-
27, 2006 in Orange Country Convention Center, Orlando, Florida. The
integrated solution is built to support the growing U.S.
contactless payment market. As previously reported by USA
Technologies, MasterCard International has teamed with The
Philadelphia Coca-Cola Bottling Company and USA Technologies to
enable 1,000 Coca-Cola vending machines with the e-port cashless
transaction solution. With MasterCard PayPass, ExpressPay from
American Express and Visa contactless, the associations have
initially focused on drug stores, quick service restaurants, movie
theaters and other merchants where transactions are usually under
$25. Now the 40 billion dollar U.S. vending industry with more than
8 million vending machines, is beginning to expand the payment
opportunities for customers who appreciate speed and convenience.
With the new reader consumers no longer need to fumble for cash and
coins. To use this technology, consumers simply tap their
contactless-enabled card or device on the vending machine's e-Port
payment terminal. Within seconds, the terminal will flash a light
and produce a tone signaling the transaction is complete. George
Jensen, Chairman and CEO, of USA Technologies said, "We are
exceptionally pleased with the OTI reader for our G6 e-Port
solution. And for the added value it brings our customers. The new
product puts USA Technologies in the perfect position to further
our relationships with vending operators, soft drink bottlers,
credit card companies and banks." Oded Bashan, President & CEO,
OTI, stated, "the expansion to complementary markets of the
traditional small contactless payments markets is a strong sign of
confidence that the major financial institutions are pushing
forward with their contactless programs. The vending machines
market that relies today almost exclusively on cash can now enjoy
the convenience and speed contactless payments can offer." 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/. About USA Technologies: USA
Technologies is a leader in the networking of wireless non-cash
transactions, associated financial/network services and energy
management. USA Technologies provides networked credit card and
other non-cash systems in the vending, commercial laundry,
hospitality and digital imaging industries. USA Technologies is an
IBM Business Partner. The Company has marketing agreements with
Cingular Wireless, Honeywell, Blackboard, and ZiLOG Corporation.
For further information on USA Technologies, please visit
http://www.usatech.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 the failure of USA
Technologies to place significant orders with OTI for its
contactless reader, the failure of USA Technologies to use OTI
solutions for its contactless reader, 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.; USA Technologies CONTACT: Galit Mendelson,
Director of Corporate Communications, +1-201-944-5200 ext. 111, ,
On Track Innovations Ltd.; Adam Handelsman, 5W Public Relations,
+1-212-999-5585, Web site: http://www.otiglobal.com/
http://www.usatech.com/
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