ROSH PINA, ISRAEL--(Marketwired - Aug 26, 2014) - On Track Innovations Ltd. (oti) (
The order calls for the channel partner to purchase at least $800,000 of Saturn 6500 readers. The order covers multiple models of OTI's Saturn 6500 NFC readers, including its most advanced Saturn 6500 TRIO which supports EMV transactions. The order can increase to more than $1.6 million if fully fulfilled per all its options. oti will start shipping its readers immediately for distribution to the partner's nationwide customer base.
The Saturn 6500 is a secured NFC and contactless reader built specifically for the self-serve market, providing quick and easy support for electronic payments. Such cashless payments can increase sales by more than 20% since it does not limit the purchase to the cash in a customer's pocket.
"This win is our third major new U.S. channel partnership in 2014," said Gonen Ziv, president of oti America. "It also marks our entrance into a new multi-billion dollar self-service market, which is in the early stages in its conversion to cashless payment solutions.
"Our Saturn 6500 NFC readers' family are the ideal solution for all self-service industries. When integrated on different machines it presents patrons with a quick and easy way to pay.
"There is no doubt this new market represents a big opportunity for oti. We are confident our solutions will become the 'de facto standard' cashless payment technology for this multi-billion dollar industry. We expect to build on this momentum over the months and years ahead."
About the Saturn 6500 NFC Readers
The Saturn 6500 NFC Readers 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.
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.
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. 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, 2013, 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.