ROSH PINA, ISRAEL--(Marketwired - Apr 27, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has appointed Romania Gripen Environmental as its exclusive distributor of NFC readers and payment solutions to the Romanian vending market.
Founded in 2013, Romania Gripen Environmental is a distributor of snack and beverage vending machines in Romania. The company has quickly established a significant installed base of machines in Romania's capital of Bucharest and its second largest city of Iasi.
Romania Gripen Environmental will market and sell oti's telemetry solution, otiMetry, which includes its SATURN 6500 TRIO NFC-based cashless reader and CONNECT 3000 controller. The all-in-one solution will enable real-time communication between vending machines, allowing Romania Gripen's customers to remotely manage a single machine or an entire fleet. Romania Gripen Environmental plans to go-to-market with the solution immediately.
Eran Bar, oti regional sales manager for Europe, Middle East, Africa (EMEA), commented: "This new partnership marks oti's entrance into the rapidly growing Romanian vending market. Today, the market is characterized by a large installed base of machines, which to a large extent still only accepts coins and bills. Given Romania Gripen's expanding distribution channels and customer base, we believe oti has a significant opportunity to be the leading NFC technology provider in Romania, helping vending operators transition to a full cashless payment solution."
About Romania Gripen Environmental
Founded in 2013 as a subsidiary of Gripen Capital Advisors, Romania Gripen Environmental is a leading distributor of snack and beverage vending machines to the Romanian market. For more information, visit www.gripen-e.com or www.youngventure.ro.
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.
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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.