ROSH PINNA, Israel, April 10, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global
provider of near field communication (NFC), cashless payment and fuel management solutions, announced today that its
wholly owned subsidiary, OTI PetroSmart, has launched two new products, GOSTrack and GOSFleet, providing advanced vehicle location tracking and telematics solutions for its fuel management customers.
“The growth opportunity in the global fuel management market is significant, driven by new technologies. OTI’s
proprietary suite of products creates unprecedented value for fleet and fuel management customers. Operating in 40 countries, our
OTI PetroSmart subsidiary is very well positioned to serve this market and increase OTI’s recurring revenue streams,” stated OTI
CEO Shlomi Cohen.
With the launch of the new products, OTI PetroSmart's proven and globally deployed Automatic Vehicle Identification (AVI) based fuel management solution, EasyFuelPlus, is
significantly enhanced, giving fleet operators real-time vehicle location, driver behaviour, powerful diagnostics and cloud-based
reporting tools.
GOSTrack and GOSFleet share the same hardware platform and both solutions build upon OTI PetroSmart’s proven and
hugely successful GPS Odometer Sender (GOS) functionality, which captures distance travelled data independently of
the vehicle, resulting in highly accurate calibration-free fuel consumption monitoring. As part of the launch, OTI PetroSmart is
also rebranding the existing GOS solution as GOSFuel.
GOSTrack delivers all the benefits of GOSFuel, plus real-time vehicle location tracking and driver behaviour
monitoring, together with powerful enhanced reporting. Using a range of built-for-purpose peripherals, GOSFleet adds even more
advanced vehicle and driver data capture, diagnostics and reporting functionality.
"For many years, our customers have been delighted with our best-in-class fuel management solutions, which provide
the most secure way to refuel their vehicles, monitor and manage their fuel spend,” said Charlotte Hambly-Nuss, Managing Director
of OTI PetroSmart. “Now, with the launch of GOSTrack and GOSFleet, they can not only secure their fuel, but can also access a range
of functionality to help them manage their fleets of vehicles and drivers too."
Completing the portfolio is FleetReporter, a powerful and flexible cloud-based portal, developed by OTI PetroSmart in
partnership with Key Telematics. “By partnering with Key Telematics, we are leveraging Key's decades of industry knowledge as
global leaders in asset management software and extending our already comprehensive FuelReporter system to include powerful new fleet management and analytics functionality,” Mrs
Hambly-Nuss added. “This ensures our customers benefit from the very best hardware and software technology currently
available.”
Clive Killops, CEO of Key Telematics, commented, “We are delighted to partner with OTI PetroSmart and are excited
to be part of providing best-in-class solutions to their broad customer base, including multinational oil companies and OTI
PetroSmart’s global strategic partners. The relationship between Key Telematics and OTI PetroSmart has clear synergies, and we view
this collaborative partnership as a fantastic opportunity to reach new markets and customers together.”
About OTI PetroSmart
OTI PetroSmart, established in 2000, is a leading provider of integrated fuel management solutions and operates in
over 40 countries via a network of strategic partners and distributors.
OTI PetroSmart products automate, simplify and secure the refuelling and payment process across a range of
verticals, including the retail, commercial, industrial and mining sectors. Our core solutions help reduce operational expenditure
by eliminating manual processes as well as by providing quality data that not only enables the effective management of fuel
consumption but also helps to prevent fraud.
About Key Telematics
Key Telematics is a Software as a Service (SaaS) company offering premium hosted software to vendors of asset
management solutions. We specialise in bringing affordable premium telematics software to vendors in all industries. For more
information please visit www.keytelematics.com.
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 with an extensive patent and IP portfolio. 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 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, 2016, 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.
OTI Press Contact: Neil Barr Director of Marketing +972-4-686-8004 press@otiglobal.com
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