OTI Provides Contactless Payment Readers to Support UK Contactless Program
16 October 2007 - 10:00PM
PR Newswire (US)
Initial Deliveries of Approximately 10,000 Contactless Readers
Supporting EMV Payments FORT LEE, N.J., Oct. 16
/PRNewswire-FirstCall/ -- On Track Innovations Ltd. (OTI)
(NASDAQ:OTIV), a global leader in contactless microprocessor-based
smart card solutions for payments, petroleum payments, homeland
security and other applications, announced today that it has been
selected to provide the contactless readers for a rollout by major
United Kingdom issuers of a contactless payment program. The
contactless payment program in London was launched in September as
another stage in the rollout of contactless payment products. It is
expected that by year end, the UK issuers will issue contactless
debit and credit cards to customers who live or work in the London
roll-out area. Contactless payment is ideal for small value
purchases such as newspapers, sandwiches, take-away coffees and
greetings cards. OTI is delivering its Saturn 6000 contactless
reader which is integrated with existing terminals in the field and
will be installed in different outlets. The Saturn 6000 was
designed with channel partners in mind. Its unique platform of
comprehensive and modular firmware, allow for fast, efficient and
cost effective integration with terminals, resulting in secure
contactless EMV transactions. The Saturn 6000 presents the leading
cost-to- performance contactless reader in the market today
offering a superior up-to- date product with a large LCD display,
multiple configuration options, built- in encryption and security
features, and exceptionally fast transaction speed. Certified by
both MasterCard and VISA, OTI'S Saturn 6000 exceeds the contactless
EMV requirements. Oded Bashan, Chairman & CEO of OTI said, "We
are proud to have been selected to support the UK contactless
payment rollout. The Saturn 6000 and our involvement in the UK
contactless payment rollout provide an example of our leading-edge
superior products suitable for the global contactless markets
providing solutions for both EMV markets and the US market on a
single technology platform. Our new state of the art manufacturing
facility in Germany, combined with experienced teams in our offices
in Europe, excellent R&D resources and OTI's know-how provide
our partners and customers with a second to none value
proposition." About OTI Established in 1990, OTI (NASDAQ-GM: 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 and loyalty programs. 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/, the content of which is not
part of this press release. 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, such as our belief that demand is growing in the
contactless reader market and our position regarding the
superiority of the Saturn 6000. 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, 2006, 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. Except as otherwise provided by law,
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: Investor Relations: Galit
Mendelson Miri Segal Director of Corporate Communications Strategic
Growth International 201 944 5200 ext. 111 212 838 1444 DATASOURCE:
On Track Innovations Ltd. CONTACT: Galit Mendelson, Director of
Corporate Communications of OTI, +1-201-944-5200, ext. 111, ; or
Investors, Miri Segal of Strategic Growth International,
+1-212-838-1444, , for OTI Web site: http://www.otiglobal.com/
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