|By Marketwired .||
|June 24, 2014 10:30 AM EDT||
ROSH PINA, ISRAEL -- (Marketwired) -- 06/24/14 -- On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received an initial commercial order from Vianet, a leading telemetry and software solutions provider for the leisure, gaming and vending sectors, for oti's new Trio modular payment reader. UK-based Vianet plans to initially install the readers in vending machines in the UK and the Netherlands during Q3 2014.
Launched in early June, oti's Trio is an innovative modular reader for the cashless payment industry that provides multiple payment options to the unattended market segments. The reader works with magnetic stripe cards, contactless payment solutions and secure credit/debit/prepaid cards with built-in EMV smart chip compatibility.
The Trio reader evolved from oti's field-proven Saturn 6500, a panel mount reader designed for indoor and outdoor installations. Following extensive field trials and testing, Trio's EMV reader was customized to suit Vianet's dynamic requirements.
"Developing a 3-in-1 cashless payment reader for the vending industry has been a challenge but, in collaboration with oti, we've made this a reality and can now supply a cashless payment system that is fully approved for UK and European markets," said Barry Lowe, business development director at Vianet. "oti's technology now provides vending operators with the opportunity to compete more effectively in the retail space and drive sales growth in excess of 20 percent."
Miron Raz-Kafman, European sales manager at oti, commented: "Working with Vianet on the Trio development has proven beneficial to both parties. With Vianet's experience in telemetry and contactless payments, coupled with oti's technical expertise in developing reliable fit-for-purpose solutions, we're well positioned to support the vending machine industry through the highly complex integration and certification process."
oti's Trio is an innovative, cost effective reader that can be installed modularly, allowing self-service operators a variety of configuration options:
- Magnetic stripe only
- Contactless only
- Combined magnetic stripe and contactless
- EMV contact only
- EMV contact and contactless
- EMV contact, contactless and magnetic stripe (three-in-one)
"This is an important win for oti as it marks the first commercial order for Trio as well as a major new reader customer outside the U.S.," said the company's CEO Ofer Tziperman. "It also reflects the increasing demand and traction for NFC solutions globally, and is consistent with our growth strategy to expand our cashless reader sales on a worldwide basis."
Vianet is a world leader in the provision of telemetry and software solutions for data capture and analysis in the Leisure, Gaming and Vending sectors. Over recent years Vianet has been key in the development and innovation of machine reporting and cashless solutions in the Vending industry which have enabled Brand Owners and Operators in the UK and European vending sectors to drive greater profitability and insight from their vending operations.
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.
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" 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 include statements regarding growing demand for our Trio reader in the cashless vending machine market in Europe or elsewhere, or our NFC solutions globally in the near or long term, or achieving an increase in future revenues from our Trio reader or related products in the future, or successfully implement our strategy to expand our cashless reader sales on a worldwide basis. 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, market acceptance of our Trio reader 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.