OTI Receives Additional Orders to Support the City of Warsaw and Additional Cities in Their Multiple Application Contactless Cards for Public Transportation and Parking Solutions
Orders are for More Than $500,000
Fort Lee, NJ, December 10, 2007–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, today announced that its subsidiary, ASEC S.A. (“ASEC”) in Poland, will provide the Transport Department of the City of Warsaw with additional public transportation and street parking contactless tickets. Following Warsaw, the program is expanding to other cities in Poland including Gdynia, Plock and Rybnik. The orders are for more than $500,000 and delivery is expected to be completed by the end of this year.
Warsaw residents use OTI’s contactless cards for bus, tramway, or metro rides, as well as for street parking. ASEC also provided additional services and products for the project including: terminals with integrated contactless readers that enable card loading and perform sale transactions, as well as automated ticket vending machines and software for data gathering and sales monitoring.
Oded Bashan, Chairman & CEO commented: “we are pleased with the expansion of the mass transit project in Poland and the ability to provide additional services and products.”
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 expected income to be generated from the orders from the Transport Department of the City of Warsaw or regarding the superiority of our technology and our expansion plans in Europe. 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, 2006, 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.