ROSH PINA, ISRAEL and CAPE TOWN, SOUTH AFRICA--(Marketwired - Apr 18, 2016) - OTI PetroSmart, a wholly owned subsidiary of On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has received an order from Smart Applications International Ltd. (Smart) for more than 500,000 MediSmart™ cards.
oti's MediSmart solution is an information management and claims submission system that incorporates contactless smart card and biometric technologies. MediSmart cards validate the identity of a patient by using fingerprint biometric technology, which reduces fraud and impersonation. MediSmart benefits medical administrators, hospitals, clinics, medical service providers, and patients by providing fast and secure access to medical information, claims and expense management, and reporting tools.
Kenya-based Smart Applications International, a leading provider of technology solutions that provide easy and secure access to healthcare services, will distribute oti's MediSmart cards across Kenya and other East African countries. Smart's members will use their MediSmart cards to access healthcare services in different countries using the same card but billed in the relevant currencies.
Smart has demonstrated its capacity for constant innovation to address the ever changing demands of the market by installing oti's NFC card readers at more than 3,000 points of service in over 2,500 healthcare service providers throughout East Africa. With this order, Smart continues building its presence in the African healthcare sector.
"We continue to be encouraged with the rapid expansion of the MediSmart solution across East Africa," said Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart. "In fact, at the end of the first quarter, the number of MediSmart cards in circulation in East Africa exceeded more than 1 million units, enabling leading healthcare technology providers like Smart to solidify their position in the expanding market. Building on oti's history of innovation, our MediSmart solution changes the way medical information is accessed, managed, and reported."
Consistent with oti's recurring revenue strategy, oti generates both product fees and recurring licensing fees per issued card. OTI PetroSmart is responsible for the development and support of the MediSmart product.
About oti
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.
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, 2015, 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.