On Track Innovations Receives Purchase Order for 3,000 Cashless Payment Systems for the Japanese Market
ROSH PINNA, Israel, June 28, 2018 /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 for 3,000 cashless payment systems from Japan via its partner, Billing Systems Cooperation (TSEL 3623), a leading payment service provider.
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The systems include OTI's turnkey solution, which is comprised of a new UNO Plus EMV and FeliCa contactless reader as well as the GoBox Multi-Service Telemetry Gateway. OTI's GoBox is a powerful Machine-to-Machine (M2M) controller, payment gateway and multi-services enabler for unattended machines, providing innovative new revenue streams for machine operators.
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 the third 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. Once complete, OTI will have delivered a total of 10,000 advanced payment systems to Japan to-date.
"I am very pleased to report this new purchase order, which increases our footprint in the key Japanese cashless payment systems market to 10,000 units," said Shlomi Cohen, CEO of On Track Innovations. "At an estimated six million units, the total estimated size of the Japanese electronic vending machine market is significant, leaving us a substantial runway to continue to execute with our partner, Billing Systems Cooperation. I look forward to continued sales execution in this key global market," concluded Cohen.
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 "estimate," "believe," "expect," "anticipate," "intend," "plan," "would," "should," "will," "look-forward," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: our plans for the future, our plans for continued sales, our expectations regarding future product launches and growth into new markets, our ability to attract or retain customers, increases our footprint in key markets, traction with our cryptocurrency efforts and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders. Forward-looking statements 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. 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
Greg.Falesnik@mzgroup.us
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SOURCE On Track Innovations Ltd. (OTI)
