MCT, OTI’s Subsidiary to Present Durability and Cost Strategies for Dual-Interface Manufacturing at the Cards Asia Conference
The Presentation will Take Place as Part of an Educational Seminar at the Cards Asia Conference on Wednesday, April 22, 2009 in Singapore
Fort Lee, NJ, April 20, 2009–On Track Innovations Ltd. (OTI) (NASDAQ-GM: 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 presenting “Breakthrough technology for manufacturing durable dual-interface cards without adding production cost” as part of the educational seminar “Cards Asia On-Floor Technical Seminar”. The presentation will take place on April 22, at 16:45 at the Suntec Exhibition & Convention Centre Singapore, Theatre 1, Exhibition Hall (Hall 403), Level 4.
OTI’s subsidiary, Millennium Cards Technology (MCT), will be exhibiting at booth #4J03 OTI’s Hera solution which enables producing highly durable dual-interface cards without adding manufacturing cost. Based on distinctive engineering skills, proprietary methods and exclusive patents, this unique solution was developed in order to facilitate the way for smartcards manufacturers in the rapidly evolving markets of EMV and eID cards.
Hera solution incorporates two complementary elements:
Revolutionary Inlay – Years of intensive experiments and comprehensive engineering know-how have led to the development of proprietary dual-interface Inlay which overcomes the low durability and high production cost drawbacks of dual-interface cards manufactured by other technologies that exist in the market. When used in conjunction with the Hera machinery line, this unique Inlay contributes to maximum card durability at minimal manufacturing cost.
State of the art machinery line – the Hera machinery line includes fully automatic machines that implement innovative technology for manufacturing highly durable dual-interface smartcards without adding manufacturing cost.
MCT will also demonstrate OTI’s suite of MasterCard and Visa certified products including payment devices and readers. Payment devices include inlays, key fobs, smart stickers, and additional form factors. OTI contactless solutions provide issuers and card manufacturers with a cost-effective, reliable and secure way to implement contactless cards. OTI readers suite supports 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. OTI will present its Saturn 6000 contactless countertop reader and the Saturn 6500 secured contactless reader built for vending machine, petroleum and mass transit markets offer superior performance and enhanced security features with extremely fast communication speed and optimal reading range.
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 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, 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.
Vice President of Corporate Relations
201 944 5200 ext. 111