OTI Signs Its Largest Purchase Contract for NFC Readers, Valued at More Than $10 Million
06 November 2013 - 12:31AM
Marketwired
OTI Signs Its Largest Purchase Contract for NFC Readers, Valued at
More Than $10 Million
Initial Shipment of 40,000 Readers Scheduled for Delivery to
U.S. Channel Partner by Year-End
ROSH PINA, ISRAEL--(Marketwired - Nov 5, 2013) - On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC) technology, has signed a major contract to
supply its NFC readers to one of its U.S. channel partners who
primarily serves the unattended retail market in North America. The
agreement requires the channel partner to purchase more than $10
million in OTI NFC readers over a three-year term.
OTI has received purchase orders for an initial 40,000 readers,
which it plans to ship by the end of 2013. The agreement covers
multiple models of OTI's Saturn 6500 NFC readers, including its
most advanced Saturn 6500 EM+ which supports EMV transactions.
"Our Saturn 6500 NFC readers are the perfect solution for the
unattended retail market," said OTI's CEO Ofer Tziperman. "When
integrated into kiosks or vending machines, it presents customers
with a quick and easy way to pay, which promotes more frequent
purchases and increased revenue for the retailer."
"This contract represents the largest single reader win for our
company, and is the result of our recent strategic shift to focus
primarily on building our core contactless transaction and NFC
technology business," continued Tziperman. "This win also reflects
increasing traction for greater adoption of NFC. In fact, compared
to last year, we have already more than doubled the number of
readers we have shipped globally. Hence, we're confident the
adoption of our patented NFC solutions will continue to expand over
the months and years ahead."
About the Saturn 6500 NFC Reader The Saturn 6500 NFC Reader
offers convenient and flexible payment card transactions, by either
magnetic stripe or by contact or contactless methods, and is fully
certified by all leading card associations. The reader's modular
design is easily installed with various connection options, making
the Saturn 6500 NFC Reader a perfect solution for pay-at-the-pump,
drive-thru, vending machines, self-serve laundry and other
unattended retail applications. The reader employs OTI's patented
'matched antenna' technology that provides reliable and secure
device communication.
About OTI On Track Innovations Ltd. (OTI) is a leader in
contactless and NFC applications based on its extensive patent and
IP portfolio. OTI's field-proven innovations have been deployed
around the world to address NFC payment solutions, petroleum
payment and management, cashless parking fee collection systems and
mass transit ticketing. OTI markets and supports its solutions
through a global network of regional offices and alliances. For
more information, visit www.otiglobal.com.
Safe Harbor for Forward-Looking Statements This press release
may contain forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995 and other Federal securities laws. 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. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and
elsewhere in OTI's annual report on Form 20-F for the year ended
December 31, 2012 and in subsequent filings with the Securities and
Exchange Commission. Except as otherwise required 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.
Company Contact: Shlomi Eytan Chief Sales and Marketing Officer
+972-4-6868000 Email Contact Investor Contact Scott Liolios or Matt
Glover Liolios Group, Inc. 949-574-3860 Email Contact
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