OTI Receives Purchase Order For More Than 10,000 Advanced Readers For Global Smart ATM Market

ROSH PINNA, Israel, Aug. 5, 2019 /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 a new purchase order to deliver more than 10,000 of OTI's Uno-8 advanced secure contactless NFC readers, for the global Smart ATM market. The orders are due to be delivered before the end of 2019.

Smart ATMs provide uninterrupted, secure, simple and convenient banking services. Adding an OTI EMV certified contactless reader, provides an ATM with the ability to identify the account owner and communicate with their smart devices.

"Including this new purchase-order, OTI has already received orders for over 50,000 advanced readers systems which are being used throughout the world to provide smart ATMs with contactless NFC capabilities. This is an important growth market for us, and we expect these orders will continue to grow in the future," said Assaf Cohen, OTI's Interim Chief Executive Officer.

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 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 for 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. Whenever we use words such as "will," "expect," "look forward," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding the continuing growth in the future of orders that we receive. 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. 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.