ISELIN, N.J., Feb. 14, 2011 (GLOBE NEWSWIRE) -- On Track Innovations Ltd., (OTI) (Nasdaq:OTIV), a global leader in contactless smart card solutions, has received initial orders for its recently announced contactless mobile payment product.
OTI's COPNI™ (Contactless Payment and NFC Insert) enables mobile network operators (MNOs) to support Near Field Communication (NFC) functionality and contactless payment applications from major card associations, mass transit ticketing (with MIFARE support) as well as loyalty programs and other proprietary programs. COPNI is an NFC add-on to mobile phones and is independent of the SIM, handset type and model. A COPNI-enabled mobile phone is a platform that enables MNOs to dynamically manage applications such as e-coupons and loyalty programs. Simply tapped near a contactless reader, the COPNI-enabled mobile phone can be used in a broad range of payment transactions including prepaid, credit and debit, as well as loyalty programs and other NFC related applications.
"The demand of MNOs for NFC, payment and enhancing their value proposition and the lack of hardware-ready phones creates an opportunity for our COPNI product," said Oded Bashan, chairman and CEO, OTI. "Our innovative solution for NFC provides mobile network operators with an after-market, cost effective solution to get there."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 and loyalty programs. 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 information on our website is not incorporated into this press release. The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736 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 products, goals, beliefs, future growth strategies, objectives, plans, and current expectation. For example, we are using forward-looking statements when we discuss our belief with regard to the potential markets and demand for our COPNI product, and the benefits COPNI provides to consumers, mobile operators and financial institutes/issuers and its potential applications. 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.
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