CAPE TOWN, SOUTH AFRICA and ROSH PINA, ISRAEL--(Marketwired - Jan 15, 2015) - OTI PetroSmart, a global value added reseller of petroleum payment solutions and a wholly owned subsidiary of On Track Innovations Ltd. (oti) (NASDAQ: OTIV), has been awarded a global tender to supply its AVI (Automated Vehicle Identification) solution, EasyFuel Plus, to an emerging multinational oil company for its retail operations which currently span across 3 major regions.
The OilCo in question has embarked on a strategy to standardize its retail site architecture and as part of this process issued a tender for an AVI solution. EasyFuel Plus was selected following a competitive and rigorous evaluation.
Two markets have already been selected for pilot implementations and it is envisaged that the EasyFuel Plus solution will be deployed in at least three markets in 2015. OTI PetroSmart will generate revenues from equipment sales, ongoing monthly volume-based and transaction processing revenues, fuel management reporting, and other support services.
"We are particularly proud of this award, which not only serves as further validation of the superiority of the EasyFuel Plus solution and our technical architecture, which leverages our universal integration approach, but also serves to acknowledge OTI PetroSmart's track record, positioning and capacity to address the system integration; implementation; remote support and back-office information management and reporting requirements of major petroleum retailers," said Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart.
EasyFuel Plus is based on oti's state-of-the-art contactless smart card technology platform, providing customers with maximum flexibility and security. The solution allows organizations to address fuel fraud and meet savings targets by automating the payment process and gathering of data for fuel management purposes.
As part of the customer's overall fleet management solution, OTI PetroSmart's AVI solution will be leveraged to expedite and assimilate future retail gas station acquisitions by the oil company. The customer plans to introduce EasyFuel Plus to the commercial and consumer markets with the objective of increasing its fuel sales and market share.
"We continue to see a notable increase in the number of tenders being issued for AVI solutions," added Hambly-Nuss. "AVI is rapidly becoming a benchmark in the B2B market, where the cost of fuel represents a significant portion of the overall operating cost for customers."
About EasyFuel Plus
In EasyFuel Plus' most basic configuration, wireless readers installed in a gas station and contactless readers installed on the nozzle access information stored on a vehicle mounted tag or alternatively on a passive contactless tag mounted around the fuel inlet. This information is required to approve any fuel transaction and should the information not prove valid, refuelling is denied.
The validity of the method of payment can be verified offline or online. Due to the flexibility and security of the oti technology platform, a wide range of business rules such as the fuel grade, tank capacity and velocity checks can be managed offline.
OTI PetroSmart's ability to support pre-payment on its devices, including vehicle tags (without the reliance on back-end systems) further serves to differentiate its product offering. For further information about EasyFuel Plus, visit www.otipetrosmart.com.
About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive intellectual property 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.
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 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. The content of the web site links in the PR do not form part of it.