Global provider of near filed communication and cashless payment solutions, On Track Innovations, Ltd. (NASDAQ:OTIV), announces it has entered into the Australian cashless payments market.
ROSH PINA, Israel, Nov. 14, 2016 (GLOBE NEWSWIRE) — On Track Innovations Ltd. (OTI) (OTIV), a global provider of near field communication (NFC) and cashless payment solutions, today announced its entry into the Australian cashless payments market in cooperation with Vend Access Pty Ltd, a provider of technology and solutions for vending and unattended machine operators in Australia, and with Card Access Services Pty Ltd, a leading payment gateway and processor for Australian and international businesses.
Vend Access (VA) will distribute OTI’s otiMetry solution which includes advanced NFC based cashless readers and a state-of-the-art telemetry system. Card Access Services will provide the gateway and processing services for otiMetry systems installed and operated by Vend Access.
otiMetry makes any vending and self-service operation smart and interactive by uniquely incorporating telemetry, sales, operations, and marketing into an affordable solution with real-time management capabilities.
Bill Chronarakis, General Manager of Vend Access says “Vend Access’s practical experience matched with Card Access Services’ e-payment management from OTI’s terminals and otiMetry will improve earnings for vending owners.”
“Entering the Australian market marks another milestone in our approach of building an extensive distributors network that provides intelligent and cost effective solutions for the unattended market,” said Shlomi Cohen, OTI CEO. “The close cooperation with Vend Access and with Card Access Services, which has over 28 years of experience in the payment industry and their outstanding support and customer oriented approach, ensure that Australian self-service machine operators will be getting a reliable and comprehensive solution at an affordable price.”
Stelios Savva, General Manager of Card Access Services says “Card Access Services is proud to connect Vend Access’ clients with OTI’s quality products and communications facilities for vending applications in Australia. Vend Access’ industry background, its experience in providing diversified payment solutions combined with OTI’s reputable cashless readers and telemetry provides an integrated and end-to-end solution to the Australian self-serve market, including vending machines, laundromats, kiosks, car wash, dog wash, gaming and other verticals.”
Vend Access is expected to initiate commercial installations of the integrated solution by Q4 2016.
On Track Innovations Ltd. (OTI) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.
About Card Access Services (CAS)
Card Access Services (CAS) has been designing, building and maintaining secure e-payment systems for vendors of unattended terminals since 1987. CAS enables e-vending payments by Tourists on Hop-on busses, by farmers and hikers purchasing water in remote Queensland and for sales of diverse products such as Mobile phones, Gas supplies, sporting goods and snack products. Vend Access and OTI clients will be supported by CAS’s experienced Australian Customer Service Representatives and annual PCI audits.
About Vend Access (VA)
Vend Access has been an active provider to the cashless self-service industry throughout Australia. Vend Access has a broad knowledge of Australia’s communications carriers and strong relationships with vending industry associations and operators and will assist OTI’s vending operators to connect their OTI cashless services with OTI’s elegant remote controls of product dispensing aided by the routing of replenishment supplies. www.vendaccess.com.au.
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 “believe,” “expect,” “anticipate,” “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 our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2015, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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.
On Track Innovations, Ltd. (NASDAQ:OTIV)’s shares are moving +13.99% on the news today and have traded in the range of $1.10 – 1.24 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $1.90 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $-0.02 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.05 per share according to First Call.
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In looking at where On Track Innovations, Ltd. (NASDAQ:OTIV) is trading on a technical level, the stock is trading +26.37% away from its 50-day moving average of $0.97. Based on the most recent available data, the equity is -10.87% off of its 52-week high of $1.38 and +284.38% away from its 52-week low which is $0.32.
Today, the stock opened at $1.11 and the last bid at the time of writing stood at $1.23. During the session thus far, the equity dipped down to $1.10 and touched $1.24 as the high point. On Track Innovations, Ltd. (NASDAQ:OTIV) has a market cap of $50.31M and has seen an average daily volume of 64,015 over the past three months.
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