OTI Receives Vital Class A Approval for Saturn 5000 Contactless Reader
April 03 2006 - 2:00AM
PR Newswire (US)
FORT LEE, N.J., April 3 /PRNewswire-FirstCall/ -- On Track
Innovations Ltd, (OTI) (NASDAQ:OTIV), a global leader in
contactless microprocessor-based smart card solutions, for homeland
security, payments, petroleum payments and other applications,
today announced that its Saturn 5000 contactless reader has
received Class A approval from Vital Processing Services(R)
(Vital(R)), a leader in merchant and acquirer processing solutions.
Vital delivers comprehensive, end-to-end payment solutions to
reliably process millions of credit, debit and other electronic
transactions every day. The Saturn 5000 is Class A approved with
the VeriFone(R) Omni 3740/3750 line of terminals as well as the
Lipman(R) NURIT 2085/2085+, 3020, 8100 and 8320 terminals. Vital
Class A approval includes merchant deployment, profile setup and
download, documentation and specially trained 24 x 7 x 365 help
desk support, making the Saturn 5000 easy to implement and maintain
for Vital acquirers and ISOs and their merchants. The Saturn 5000
has been approved with MasterCard(R) PayPass(TM), Visa(R)
Contactless and ExpressPay from American Express(R) and can read a
variety of payment forms including credit cards and key fobs. Ohad
Bashan, president and chief executive officer of OTI America
commented, "We look forward to working and supporting a leading
player such as Vital. Receiving Vital Class A approval is another
milestone in achieving leadership in the payments market -- and
will enhance the nationwide support for those merchants adding the
OTI Saturn 5000 contactless reader, creating a secured seamless
upgrade path to contactless transactions." "Vital is committed to
providing contactless solutions to the marketplace. With
contactless, merchants can improve checkout speed, increase
transaction traffic and lift while boosting consumer loyalty," says
Paul Warren, director of POS product management for Vital. 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 Company of the Year Award
in the field of smart cards. 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. OTI Contact: Galit Mendelson Director of
Corporate Communications 201 944 5200 ext. 111 Media Relations Adam
Handelsman 5W Public Relations 212 999 5585 DATASOURCE: On Track
Innovations Ltd CONTACT: Galit Mendelson, Director of Corporate
Communications of OTI, +1-201-944-5200 ext. 111, ; or Media
Relations: Adam Handelsman of 5W Public Relations, +1-212-999-5585,
Web site: http://www.otiglobal.com/
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