ROSH PINNA, Israel, Mar 5, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a new purchase order of 2,000 cashless payment systems from Japan via its partner, Billing Systems Cooperation (TSEL 3623), a leading payment service provider. The systems include OTI's turnkey solution, which is comprised of a new UNO Plus EMV and FeliCa contactless reader and the GoBox Multi-Service Telemetry Gateway. Once complete, OTI will have delivered a total of 7,000 advanced payment systems to Japan to-date.
OTI's turnkey solution offers a single point of contact for vending machine operators looking to implement cashless payment solutions. The company expects the purchase order to be delivered in both the first and second quarter of 2018, for which OTI will recognize a one-time sale, followed by a high-margin, recurring revenue stream over the long-term. Due to confidentiality, the terms of the contract cannot be disclosed.
"OTI's systems have seamlessly integrated into the Japanese market. We are very satisfied with their continuing reliability and superior product delivery," says Mr. Toshihiko Eda, President & CEO of Billing Systems. "With OTI we look forward to a continually bright future within the Japanese cashless payment market."
"The Japanese market, which has an estimated 6 million electronic vending machines, is rapidly adopting our systems and technology," said Shlomi Cohen, OTI's CEO. "While the Japanese market can be difficult to enter with new technology, we believe this latest purchase order reflects this market's confidence in the reliability of our cashless payment solutions, as well as our ability to deliver in accordance with strict deadlines. We believe this early success showcases our potential for further traction in this key global market."
OTI's GoBox is a powerful Machine-to-Machine (M2M) controller, payment gateway and multi-services enabler for unattended machines. It provides new revenue streams for machine operators, from accepting cashless payments through streaming paid Full-HD video via the GoBox's HDMI output.
On Track Innovations (NASDAQ: OTIV) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Things (IoT), wearables, unattended retail and petroleum markets. OTI distributes 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 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," "will" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, and delivery long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. 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. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE On Track Innovations Ltd (OTI)