OTI Saturn Countertop and Outdoor Readers Receive Global Approval for MasterCard and Visa Contactless Payment
October 28 2008 - 8:30AM
PR Newswire (US)
- Saturn Series Support US Market as Well as EMV Applications FORT
LEE, N.J., Oct. 28 /PRNewswire-FirstCall/ -- On Track Innovations
Ltd, (OTI) (NASDAQ:OTIV), a global leader in contactless
microprocessor-based smart card solutions, for payments, petroleum
payments, homeland security, and other applications, today
announced that following a stringent approval process, its Saturn
6000 countertop reader and Saturn 6500 outdoor reader have been
approved by Visa for its new global Visa payWave and by MasterCard
for its MasterCard(R) PayPass(TM) global specifications. The
contactless readers support the global contactless EMV applications
published by MasterCard and Visa, as well as MiFare technology, and
non-EMV contactless payment programs from other major financial
institutions, including ExpressPay from American Express and
Discover. Their introduction will be a smooth transition from
current systems and will leverage existing infrastructure. The
Saturn 6000 and Saturn 6500 offer superior performance and enhanced
security features with extremely fast communication speed and
optimal reading range. The stylishly designed Saturn 6000
contactless countertop reader, available in multiple colors with a
large LCD display, allows for configurable images, and programmable
lines of characters in multiple languages. Its plug-and-play design
and small footprint allow for easy installation and multiple
configurations -- the reader can be placed on a countertop, it can
be wall-mounted or it can lie flat. It is the most advanced
countertop reader for merchants available. The Saturn 6500 is a
secured contactless reader built for vending machine, petroleum and
mass transit markets. The reader provides a convenient payment
method for both magnetic and contactless card holders, in a small
stylish enclosure. Technologically on par with the Saturn 6000, it
is the most advanced outdoor contactless and magnetic stripe reader
for petroleum, mass transit, vending or any unattended application
available. OTI will be demonstrating its solutions at the CARTES
& IDentification 2008 Annual Conference and Exhibition, booth 4
P 060 on November 4-6 at the Paris-Nord Villepinte Exhibition
Center in Paris, France. Oded Bashan, Chairman & Chief
Executive Officer of OTI, commented: "We are proud of our Saturn
6000 and Saturn 6500 global approval for Visa and MasterCard
contactless payments. They will support U.S., European and Canadian
markets for major payment cards. The Saturn product line is one of
the examples of the leading edge technology and team capabilities
we bring to the market and our partners." About OTI Established in
1990, OTI (NASDAQ- GM: 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 may contain 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 our products. 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, 2007, 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 Paul Holm Vice President of Corporate Relations
portfoliopr 201 944 5200 ext. 111 212 888 4570 DATASOURCE: On Track
Innovations Ltd. CONTACT: Galit Mendelson, Vice President of
Corporate Relations, OTI, +1-201-944-5200, ext. 111, ; or Investor
Relations, Paul Holm, portfoliopr, +1-212-888-4570, Web Site:
http://www.otiglobal.com/
Copyright
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jun 2024 to Jul 2024
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jul 2023 to Jul 2024