On Track Innovations Continues to Gain Market Share in the Global Smart ATM Market

ROSH PINNA, Israel, Jan. 22, 2019 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that it has received a purchase order to deliver more than 4,000 UNO-8 advanced contactless NFC readers to service the global Smart ATM market, which will be delivered in the first quarter of 2019.

Smart ATMs integrate a contactless NFC reader, such as OTI's UNO-8, to provide secure, fast, simple and convenient banking, while providing the ATM operator with the ability to identify the account owner and communicate with their smartphone.

The UNO-8's unique form factor makes it the world's smallest FeliCa- and EMVCo Level 1 & 2 modular certified reader, while also supporting other NFC contactless payments, like Mifare and P2P. With complete contactless connectivity and multiple mounting options, the UNO-8 is designed for unattended retail environments with self-service payment stations, including ATMs, smart Electric Vehicle charging stations, ticket vending machines, toll roads, gaming machines, kiosks, access control, and mass transit.

"I am pleased to announce this new purchase order for our cutting-edge UNO-8 contactless NFC readers," said Shlomi Cohen, CEO of OTI. "The smart ATM market is growing as ATM operators worldwide begin to recognize the value of the enhanced functionality that our products provide. We expect to realize  continued sales growth in this exciting segment and look forward to providing our shareholders with further updates as appropriate."

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail, and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.

Safe Harbor / 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. Any statements that are not statements of historical fact should be considered forward looking statements. Whenever we use words such as "will," "look forward," " expect,", "plan," "intend," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among other things, , our continued sales growth in the smart ATM and other markets, our aggressive growth initiatives, sources of revenue and anticipated revenue, including the contribution from the growth of new markets. Forward-looking statements are management's present expectations of future events, are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including growth into the smart ATM market. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Investor Relations Contact:
Greg Falesnik
MZ North America 
+1-949-385-6449 
[email protected]

SOURCE On Track Innovations Ltd. (OTI)

Related Links

http://www.otiglobal.com