OTI Unveils Hera, a First-of-its-Kind Completely Automated Laser-Based Production Line for Dual Interface Smartcards
November 12 2007 - 8:00AM
PR Newswire (US)
The New Production Line will be Presented and Demonstrated at OTI's
Booth #4 K 044, at Cartes 2007, Paris, between November 13-15 FORT
LEE, N.J., Nov. 12 /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, announced
today that it will be showing a first-of-its- kind new and
innovative, completely automated production line for Dual Interface
Smartcards at Cartes 2007 in Paris, Booth #4 K 044. The fully
automated production line is designed to support the growing demand
for a Dual Interface that works with both contact and contactless
applications, such as the EMV cards that the large card
associations are starting to roll out, mainly in the payment sector
in Europe; it is also designed to support governments in issuing
and producing secured ID cards such as European Citizen cards. The
new production line increases efficiency, speeds up the
manufacturing process, saves on manpower and reduces the chance for
human error. The Hera Dual Interface manufacturing solution was
designed and developed based on years of extensive experience and
know-how at OTI's subsidiary, MCT, based in Shenzhen, China. The
production line implements cutting edge technologies, such as laser
soldering and vision systems, meant to provide customers with an
advanced solution for manufacturing the most reliable and durable
Dual Interface Smartcards in a cost effective manner. The solution
is based on patented processes and on proprietary manufacturing
methods and techniques. The machine increases the yield of
qualified products, reduces the time spent on trouble-shooting, and
is easy and relatively inexpensive to maintain. In addition to the
dual interface card production line, OTI has also designed and
developed a series of electronic passport testing equipment to
enable e-Passport manufacturers to independently run ICAO's
durability tests and assure that best products are shipped to
consumers. The lab equipment market consists of labs, GPOs and
e-Passport manufacturers. The Hera Solution will be demonstrated at
OTI's booth at CARTES show in Paris. Oded Bashan, Chairman and
Chief Executive Officer of OTI said: "The Hera product line
represents the most advanced solution offered to card manufacturers
that are interested in supporting the growing Dual Interface cards
market, for both the EMV and the ID cards markets. It combines
patented processes and proprietary know how developed over years of
experience. The automated production line allows manufactures to
support large issuers and card products with minimum manpower and a
cost effective and reliable process". 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/, the content of which is not part of this
press release. Safe Harbor for Forward-Looking Statements: This
press release contains forward-looking statements within the
meaning of the "safe harbor" provisions 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, such as those regarding the
superiority of the Hera Solution. Forward-looking statements could
be impacted by market acceptance of new and existing products and
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, 2006, 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. 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 Contact: Investor Relations: Galit
Mendelson Miri Segal Director of Corporate Communications Strategic
Growth International 201 944 5200 ext. 111 212 838 1444 DATASOURCE:
On Track Innovations Ltd. CONTACT: Galit Mendelson, Director of
Corporate Communications, On Track Innovations Ltd.,
+1-201-944-5200, ext. 111, ; Miri Segal, Strategic Growth
International, +1-212-838-1444, Web site: http://www.otiglobal.com/
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