ROSH PINA, ISRAEL--(Marketwired - Apr 25, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has formed a strategic partnership with Swiss-based Microtronic, one of the leading European providers of closed loop cashless payment systems for vending and office coffee service (OCS).
The companies will introduce a solution that integrates Microtronic's award-winning e-vending and closed loop payment solution into oti's CONNECT 3000 telemetry device and proven line of TRIO and UNO NFC cashless readers. The new and unique system will offer vending operators a unified solution that accepts traditional credit and debit cards (open loop), as well as prepaid NFC payment cards and wearables (closed loop).
Microtronic will also incorporate its award-winning e-vending mobile payment and marketing solution into oti's CONNECT 3000. This will allow vending consumers to download the e-vending mobile app and scan QR codes on vending machines to purchase products. The app will notify consumers of special promotions, loyalty rewards or any type of marketing information. oti's CONNECT 3000 device will enable vending operators to view and manage their inventory in real-time, as well as support the entire vending business lifecycle management process.
"Our integrated solution addresses a major unmet need in the global vending market for a highly secure payment system that accepts both open and closed loop transactions," said oti CEO, Shlomi Cohen. "By partnering with Microtronic, the leading prepaid vending solution provider in Europe, we can now offer vending operators a turn-key solution that integrates the cashless payment hardware with telemetry, payment processing, and cloud-based system management. This type of solution is an industry first, demonstrating oti's commitment to innovation and strategic partnering with industry leaders, like Microtronic. It also reflects our strategy of expanding our recurring revenue sources, which will provide greater visibility and predictability of our business."
Bernard Wahli, CEO of Microtronic, added: "With oti, we have found the perfect partner to build the very first universal cashless payment and telemetry solution. There are no compromises anymore. Complete cashless acceptance, including EMV technology combined with the newest mobile payment and marketing applications, offers vending operators unprecedented perspectives to communicate with their customers, as well as increased revenue options. Most exciting is that all Microtronic installations at workplaces and more than 200,000 public locations can be easily retrofit to profit from the complementary oti payment and telemetry features."
The unified solution will include a robust Terminal Management System (TMS), allowing vending operators to remotely manage their network in real-time and remotely update payments to the latest Europay, MasterCard and Visa (EMV) requirements. In addition to serving as the primary controller unit, the TMS will also connect the solution to oti's Payment Service Provider (PSP), while transferring deposited funds directly into the vending operator's bank account.
oti and Microtronic will reveal the new solution at VendItalia in Milano, Italy on May 4, 2016 at Microtronic's booth (pavilion 3, E17 F08). VendItalia is the major European Vending Exhibition. The partners plan to begin marketing and selling the unified solution under the Microtronic brand starting June 2016.
About Microtronic
Microtronic is a European leader in closed loop cashless payment systems for vending and OCS. The company's strategy is built on product leadership powered by continuous innovation focused on creating added value for customers. With the birth of Microtronic in 1986, the first patented « U-KEY » closed loop cashless solution was introduced to the European vending industry. The latest innovation is the patented « e-vending » solution providing mobile payment and marketing applications for vending and OCS at any workplace or public location. Microtronic concentrates product development in its Swiss headquarters and markets its solutions with a global network of national resellers. For more information, visit www.microtronic.ch or www.e-vending.net.
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.
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, 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.