On Track Innovations Receives MIR Certification for Russian Market
Receipt of MIR Certification Positions OTIV as a Leading Competitor in the Russian Payment Industry; OTI Expects to Deliver 5,000 Advanced Payment Systems in Q3 2018
ROSH PINNA, Israel, Aug. 22, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced that it has received the MIR National Card Payment System organization certification in the Russian market.
OTI expects to deliver 5,000 advanced payment systems to the Russian market in the third quarter of 2018, for which OTI will recognize a one-time sale, followed by a high-margin, recurring revenue stream over the long-term. Due to confidentiality, the terms of the contract cannot be disclosed.
The MIR certification was granted after tests between OTI and MIR concluded with zero errors.
This certification grants OTI's Russian customers the ability to use OTI's cashless payment solutions within the Russian market.
The Russian national payment system created the MIR payment card in 2014 with the primary objective of making sovereign payments fully independent of foreign organizations. As opposed to traditional international payment card transactions, MIR transactions cannot be suspended, as no external financial or governmental factors control their processing. By the end of 2016, 1.8 million MIR cards had been issued by 64 banks, and according to the Bank of Russia as of September 2017, a total of 30 million MIR cards are planned for release.
"We are very pleased to announce our receipt of the MIR certification, a key component of our strategy to penetrate the strategic Russian unattended payment market," said Shlomi Cohen, Chief Executive Officer of On Track Innovations. "Our successful tests concluded with zero errors, making our solution a clear favorite for the industry. We currently expect to deliver at least 5,000 advanced payment systems to the Russian market in Q3 2018."
About OTI
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.
Safe Harbor / Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Any statements that are not statements of historical fact should be considered forward looking statements. Whenever we use words such as "expect," "plan," "anticipate," "intend," "would," "should," "will," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: our plans for the future, our expectations regarding future product launches and growth into new markets such as the Russian market, sources of revenue and anticipated revenue, including the contribution from the growth of new products, services and markets and our expectation of bringing tremendous value to our industry while generating predictable, high-margin, recurring revenues for the Company and great value for our shareholders. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.
Investor Relations Contact:
Greg Falesnik
MZ North America
+1-949-385-6449
[email protected]
SOURCE On Track Innovations Ltd. (OTI)
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