ROSH PINA, Israel, Dec. 13, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd., (OTI) (Nasdaq:OTIV), a global leader in contactless smart card solutions, announced today that it has received new orders totaling $4 million, in support of Ecuador's national eID program.
The new orders cover infrastructure, as well as support and maintenance agreement for the coming year.
This is a new and follow-on order which adds to orders received since 2009 from Ecuador's national eID program, which is part of the country's effort to modernize and improve the security of its electronic ID cards.
OTI's secured ID solution supports both online and offline communication, thereby allowing every citizen, living in cities and rural areas, to apply for an ID card regardless of the area's communication infrastructure. This user-friendly solution is designed to provide maximum accuracy and security.
"We are pleased to continue our support of Ecuador's National eID program through this order for additional equipment and maintenance support. The success of this program is highlighted by its ongoing expansion since its launch," stated Oded Bashan, Chairman of OTI. "This is an important program for OTI's SmartID solution, as it demonstrates our ability to successfully support a country's national identification program with our complete and highly secure offering."
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs, develops and markets ID-credentialing, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines standards-compliant and state-of-the-art, contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, contactless payment and NFC solutions, loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances. For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
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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 and not on factual events, 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 statements related to the expected revenues to be generated from the orders received in support of the Ecuador's national eID program. These 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 other risk factors which are beyond the company's control and which are further discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2011, 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.
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Source:On Track Innovations Ltd.