ROSH PINNA, Israel, June 19, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC), cashless payments and fuel management solutions, has formed a new strategic partnership with local partners in the Russian Federation to supply cashless payment solutions for various market segments.
The local partners are considered to be the largest Russian vending operators, with an extensive installed base of coffee and snack machines throughout the Federation. The agreement includes the entire range of OTI's cashless payment solutions for unattended retail environments including otiMetry vending Telemetry, Trio and Uno EMV cashless readers.
These partners embrace considerable experience and knowledge of the vending industry, have thorough understanding of the Russian vending market demands and maintain extensive R&D providing localization and customization services to support their clients' requirements.
"Entering the Russian Federation, which is currently adopting cashless payment solutions, provides OTI an excellent opportunity for a fast-growing market and shows how we are committed to increasing our presence and activities in global markets," says OTI CEO, Shlomi Cohen. "Our certified and cost-effective cashless payment solutions are constantly proven to be an excellent fit to vending, self-service and automated retail markets."
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with an extensive 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 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, follow the company on Twitter and LinkedIn or 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. 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, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet 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.
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Source: On Track Innovations Ltd.