On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jul 2019 to Jul 2024
OTI Receives First Commercial Orders From Hypercom Corporation
for 'Contactless' Reader Solutions
* Retailers to Benefit from OTI and Hypercom Technologies that Enable New, More
Convenient, Contactless, Faster Payment Programs
FORT LEE, N.J., March 1 /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,
micropayments, petroleum payments and other applications, today announced that
global payment technology leader Hypercom Corporation (NYSE:HYC) has ordered
its first commercial quantities of OTI's contactless reader solutions.
OTI's contactless readers will be integrated into Hypercom's high-speed,
profit-building Optimum T4100 multi-application and Optimum L4100 signature
capture card payment terminals specifically designed to speed the check-out
lines at retailers worldwide to enable Hypercom's fast, easy-use and
intelligently integrated card payment terminals and transaction networking
solutions to give retailers, Independent Sales Organizations (ISOs) and
financial institutions the ability to generate new revenues and profits.
Hypercom has already integrated into its solution set OTI's contactless Saturn
5000 reader, which offers a plug-and-play retrofit option to merchants already
using Hypercom technology at the point-of-transaction. OTI's patented
"matched-antenna" contactless technology coupled with Hypercom's
industry-leading card payment terminals enable fast, easy and seamless,
reliable and secure communication. The combined solution also allows issuers
to provide consumers with highly secure contactless cards and key fobs with
smart stickers and custom designs, such as new specially equipped watches that
feature transaction capabilities.
"We are pleased to provide Hypercom with our contactless reader solutions which
are compliant with MasterCard PayPass(TM), American Express ExpressPay(TM) and
other payment programs and to support the growing demand for contactless
payment solutions," said Oded Bashan, president and CEO, OTI.
"Demand for our Optimum contactless payment terminals is escalating
significantly," said Eric Duprat, senior vice president, Global Marketing and
Product Development, Hypercom Corporation. "The intelligent integration of OTI
and Optimum is a win-win for retailers who want to speed the check-out line and
boost the profit-line."
About OTI (http://www.otiglobal.com/)
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,
micropayments, 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/.
Hypercom is a registered trademark of Hypercom Corporation. Optimum and Design
are registered trademarks of Hypercom Corporation. All other products or
services mentioned in this document are trademarks, service marks, registered
trademarks or registered service marks of their respective owners.
Certain matters discussed within this news release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding market acceptance of new products,
product performance, product sales, revenues and profits. These
forward-looking statements are based on management's current expectations and
beliefs and are subject to risks and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. In particular, factors that could cause actual results to differ
materially from those in forward-looking statements include, industry,
competitive and technological changes; the loss of, and failure to replace any
significant customers; the composition, timing and size of orders from and
shipments to major customers; inventory obsolescence; market acceptance of new
products and services; the performance of suppliers and subcontractors; risks
associated with international operations and foreign currency fluctuations; the
state of the U.S. and global economies in general and other risks detailed in
our filings with the Securities and Exchange Commission, including the
Company's most recent 10-K and subsequent 10-Qs. Forward-looking statements
speak only as of the date made and are not guarantees of future performance. We
undertake no obligation to publicly update or revise any forward-looking
statements.
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 Corporate 5W Public Relations PortfolioPR
Communication
201 944 5200 ext. 111 212 999 5585 212 736 9224
DATASOURCE: On Track Innovations Ltd.
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 Contact: Paul Holm of PortfolioPR, +1-212-736-9224, ,
both for OTI
Web site: http://www.otiglobal.com/
http://www.portfoliopr.com/