ASEC, OTI's Subsidiary, and epay Offer New Service for Loading GSM Prepaid Cellular Phone Cards on ASEC's Existing Ticket Vendin
July 14 2010 - 5:15AM
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 that its subsidiary, ASEC S.A. ("ASEC") in
Poland, introduced in cooperation with epay Polska, a new service
of loading GSM prepaid cellular phone cards on ASEC's Ticket
Vending Machines (TVMs), which are part of ASEC's electronic
tickets sales network in Warsaw. ASEC will receive a transaction
fee from the loading value of the cellular phone cards.
As part of the new service, passengers are now able to load
their GSM cellular phone cards at one of ASEC's TVMs. ASEC's TVMs
support multiple forms of payment including cash and coins,
magnetic stripe cards, contact or contactless payment cards. The
TVMs are conveniently located in high traffic locations such as:
Warsaw metro stations, railway stations and major bus and tramway
stops.
Oded Bashan, Chairman and CEO of OTI, said: "The addition of a
new service throughout the life of the project is part of our
strategy to leverage the already-installed infrastructure for new
products that generate additional revenues which contribute to the
profitability of the project."
epay, a Division of Euronet Worldwide, Inc., is a global
processor and distributor of electronic payment solutions –
enabling service providers to maximize the sales of their products
and services. epay is one of the largest distributors of cellular
prepaid loadings in Poland.
ASEC serves as an e-ticketing operator for Warsaw City Card
system and provides a sales network system, infrastructure,
distribution service and maintenance for loading of transportation
electronic cards around the city.
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 www.otiglobal.com, the
content of which is not part of this press release.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
About epay
epay, a Division of Euronet Worldwide, Inc. (Nasdaq:EEFT), is a
global processor and distributor of electronic payment
solutions – enabling service providers to maximise the sales of
their products and services. epay utilises its worldwide network –
approximately 240,000 retailer locations, around 510,000 points of
sale (POS) across a number of markets including Australia, Austria,
France, Germany, India, Ireland, Italy, New Zealand, Poland,
Romania, Spain, Switzerland, UK and USA – to deliver innovative and
tailored electronic payment and cash collection solutions including
POS systems integration with a full settlement and reporting
service. The epay portfolio includes prepaid mobile top-up, prepaid
debit cards, e-wallets, bill payment, gift cards, digital content,
money transfer through its sister company RIA, lottery and
transport payment solutions including road tolls and public
transport.
A full marketing and distribution service is available to
support these products and services.
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 potential market of our new loading service for GSM prepaid
cellular phone cards on ASEC's Ticket Vending Machines in
Warsaw or the revenues to be generated as transaction fees
from the new service, or regarding our strategy to leverage the
already-installed infrastructure for new products that generate
additional revenues which contribute to the profitability of the
project or regarding our cooperation with epay. 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, 2009, 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.
CONTACT: On Track Innovations Ltd.
Galit Mendelson, Vice President of Corporate Relations
201 944 5200 ext. 111
galit@otiglobal.com
MS-IR LLC
Investor Relations:
Miri Segal
917-607-8654
msegal@ms-ir.com
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