OTI and VeriFone to Demonstrate Contactless Reader Solution at Cartes Show in Paris

Solution Targets VeriFone V(x) 510 and V(x) 610 Payment Systems 


FORT LEE, N.J., Nov. 1  /PRNewswire-FirstCall/ -- On Track Innovations Ltd, (OTI) (NASDAQ:OTIV) today announced that together with VeriFone Holdings, Inc. (NYSE:PAY)(TASE:PAY) it will demonstrate contactless enabled VeriFone V(x) 510 and V(x) 610 payment systems at the Cartes 2006 Show in Paris, November 7-9 in OTI's Booth 3 E 088 and VeriFone's Booth 4 L 014.

The P4V was developed as an extension module for VeriFone's V(x) 510 countertop multi-application payment solution and the V(x) 610 portable wireless system. With the new solution, merchants can quickly upgrade their existing VeriFone systems to support contactless payments by attaching the P4V. The reader generates power directly from the VeriFone system, eliminating the need for external power.

The contactless solution is compatible with contactless payments programs, both for EMV (Europay, MasterCard Visa) and non-EMV markets, ISO 14443 and MIFARE.

Paul Rasori, vice president of Global Product Marketing with VeriFone said, "We welcome OTI's efforts to provide flexible contactless options to merchants utilizing V(x) Solutions products."

Ohad Bashan, Chief Marketing Officer, OTI, stated, "we are pleased to work with VeriFone on this unique product built specifically for the V(x) Solutions line. We are looking forward to continue work on future projects."

About OTI

Established in 1990, OTI (NASDAQ:OTIV) 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, 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 Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards. For more information on OTI, visit http://www.otiglobal.com/.

About VeriFone Holdings, Inc. (http://www.verifone.com/)

VeriFone Holdings, Inc. ("VeriFone") (NYSE:PAY)(TASE:PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant- operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

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.  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.  For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations.  Forward-looking statements could be impacted by the failure of VeriFone Holdings to place significant orders with OTI for its contactless reader, the failure of VeriFone Holdings to use OTI solutions for its contactless reader, our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2005, which is on file with the Securities and Exchange Commission.  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 circumstances or otherwise.

  OTI Contact:                              Media Relations
  Galit Mendelson                           Adam Handelsman
  Director of Corporate Communications      5W Public Relations
  201 944 5200 ext. 111                     212 999 5585
                         

DATASOURCE: On Track Innovations Ltd.



CONTACT:  Galit Mendelson, Director of Corporate Communications,

[phone] ext. 111, ; or Media Relations, Adam

Handelsman of 5W Public Relations, [phone], 



Web site:  http://www.otiglobal.com/

http://www.verifone.com/ 

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