OTI Estimates Revenues for the First Nine months of 2005 to Reach Approximately $24 Million
Revenues From its program of providing inlays for Electronic Travel Documents to an Asian Country Expected to Reach Low Tens of Millions of Dollars Starting FY 2007
Fort Lee, NJ, October 24, 2005–On Track Innovations Ltd. (OTI) (NASDAQ: OTIV; Prime Standard (Frankfurt): OT5), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, has indicated that it expects revenues for the first nine months of 2005 to reach $24 Million, which would represent an increase of 56% over first nine months of 2004. Revenues in the third quarter in 2005 are expected to be approximately $9.5 Million. The increase is attributed mainly to growth in the contactless payments market.
OTI further indicated that it expects revenues in regards to its earlier announcement from September 29, in relations to the manufacture and sale of OTI based Travel Document inlays for an Asian government, to reach low tens of millions of dollars per year starting from 2007 and on wards. It is estimated that the delivery of initial quantities will commence in the second half of 2006. About OTI
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) 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, micro 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 Company of the Year Award in the field of smart cards. For more information on OTI, visit www.otiglobal.com http://www.otiglobal.com/.