OTI Begins Shipping New Order of 10,000 NFC Readers to Major U.S. Unattended Point of Sale System Integrator
Total OTI Saturn Readers Sold Surpasses 600,000 Unit Milestone
Marketwired
On Track Innovations Ltd. 3 hours ago
OTI Begins Shipping New Order of 10,000 NFC Readers to Major U.S. Unattended Point of Sale System Integrator
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OTI Saturn 6500 Reader Click here for high-resolution version
ROSH PINA, ISRAEL--(Marketwired - Jan 14, 2014) - On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless payment solutions based on contactless transactions and near-field communication (NFC), has received an initial purchase order for 10,000 Saturn 6500™ readers from a leading U.S.-based systems integrator serving the unattended point of sale market segment.
The order follows a successful pilot program completed in December. OTI has since begun to deliver volume shipments of Saturn 6500s to the integrator for distribution to its nationwide customer base.
The Saturn 6500 is a secured NFC and contactless reader built specifically for the unattended machine market, providing quick and easy support for electronic payments. Such cashless payments can increase sales by 20% or more since it does not limit the purchase to the cash in a customer's pocket.
"This win represents another example of our NFC readers meeting the demanding needs of our global customers and partners," said Ofer Tziperman, the company's CEO. "A key determining factor in establishing this valuable new relationship was our ability to quickly customize our Saturn reader to meet the customer's unique specifications under a strict timeline. This capability, coupled with our highly reliable and secure NFC technology, continues to provide significant competitive advantages where we are able to supplant existing competitive technology as well as create new opportunities for implementing our patented NFC-based systems."
The $50 billion unattended machine market presents a tremendous growth opportunity for OTI. There are more than 30 million food and drink vending machines worldwide, with a vast majority lacking cashless transaction capabilities. This is in addition to the increasing number of ticket machines, parking meters, supermarket self-checkouts, Laundromats, photo kiosks, internet access terminals, bike kiosks and other locations that involve unattended cashless transactions.
"Our accelerating sales momentum and growing industry adoption as the 'de facto standard' for NFC technology reveals that the market is at a tipping point in the transition to cashless payments," added Tziperman. "Given the strength of our IP and global presence, OTI is ideally positioned to capitalize on this multi-billion dollar revolution."
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 and other cashless 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.
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. For example, forward-looking statements include statements regarding receipt of future consideration from the sale of OTI's SmartID Division, OTI's long term growth and profitability, further penetration of the NFC markets and execution of OTI's growth plans. 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.
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