On Track Innovations (NASDAQ:OTIV)
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Approximately 18 Million Contactless Chips Incorporating OTI's
Technology Delivered to the China ID Program
FORT LEE, N.J., March 15 /PRNewswire-FirstCall/ -- On Track Innovations Ltd,
(OTI) (Nasdaq: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in
contactless microprocessor-based smart card solutions for homeland security,
payments, petroleum payments and other applications, today announced that
approximately 18 million contactless ID smart card chips incorporating the OTI
technology were delivered to the China ID Project during the year 2004.
According to certain news agencies in China, the aim of the China ID Project is
to provide Smart ID cards nationwide by the end of 2008.
Oded Bashan, President & CEO of OTI, noted, "We are proud to take part in one
of the largest and most advanced identification project to date. We look
forward to leveraging our technological advantage in future projects."
About OTI
Established in 1990, OTI (NASDAQ:OTIVNASDAQ:PrimeNASDAQ:Standard:NASDAQ:OT5)
designs, develops and markets secure contactless microprocessor-based smart
card technology to address the needs of a wide variety of markets.
Applications developed by OTI include product solutions for petroleum payment
systems, homeland security solutions, electronic passports and IDs, micro
payments, mass transit ticketing, parking, loyalty programs and secure
campuses. OTI has a global network of regional offices to market and support
its products. The company was awarded the prestigious ESCAT Award for smart
card innovation in both 1998 and 2000. For more information on OTI, visit
http://www.otiglobal.com/
This press release contains forward-looking statements. Such statements are
subject to certain risks and uncertainties, such as market acceptance of new
products and our ability to execute production on orders, which could cause
actual results to differ materially from those in the statements included in
this press release. Although OTI believes that the expectations reflected in
such forward-looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be achieved. 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 otherwise. Results could differ materially from expected
results. OTI undertakes no obligation to update forward-looking statements to
reflect subsequently occurring events or circumstances.
This press release and other releases are available on
http://www.otiglobal.com/ and http://www.portfoliopr.com/
OTI Contact: Media Relations IR Contact:
Galit Mendelson Adam Handelsman Paul Holm
Director of 5W Public Relations PortfolioPR
Corporate Communication, 212 999 5585 212 736 9224
OTI
201 944 5200 ext. 111
DATASOURCE: On Track Innovations
CONTACT: Galit Mendelson, Director of Corporate Communication, of OTI,
+1-201-944-5200 ext. 111, ; or Media Relations, Adam
Handelsman of 5W Public Relations, +1-212-999-5585, ; or
IR, Paul Holm of PortfolioPR, +1-212-736-9224, , both for
OTI
Web site: http://www.otiglobal.com/