|By Business Wire||
|April 28, 2014 08:35 AM EDT||
OTI PetroSmart, a global Value Added Reseller of petroleum equipment products and a wholly owned subsidiary of On Track Innovations Ltd. (oti) (NASDAQ:OTIV), has been awarded a major 15-year contract from a government ministry in Southern Africa for its EasyFuel Plus management system.
OTI PetroSmart and its local operating partner will deploy the EasyFuel Plus ‘contactless’ solution to facilitate automated refueling at the ministry’s national network of more than 15 “home base” sites and a few thousand vehicles. The initial order is valued at US $550,000 which will be recognized in 2014. Further expansion may be possible during the life span of the project.
OTI PetroSmart’s local operating partner licensed oti’s complete EasyFuel Plus back-office suite in order to provide the ministry a range of services, including help desk, account management and bureau services.
OTI PetroSmart has supplied its packaged home base solution for the first phase of the project, and is currently processing orders for the next two phases. The scope of the project includes the supply of automatic tank gauging equipment, automatic vehicle identification, as well as various risk management systems. EasyFuel Plus also provides automatic odometer or engine hour outputs that helps customers effectively manage fuel consumption.
“This important customer win reflects how adoption of our EasyFuel Plus is gaining momentum across Southern Africa,” said Charlotte Hambly-Nuss, managing director of OTI PetroSmart. “Our growing customer base includes prominent petroleum retailers, major commercial fleets and government agencies. Many of our long-existing customers who deployed our legacy cabled solution are now looking to upgrade to EasyFuel Plus, which is a more cost effective and scalable solution to implement and maintain.”
Ofer Tziperman, CEO of oti, commented: “We expect the strong sales efforts by OTI PetroSmart to result in additional major orders through the year. Our EasyFuel Plus line of business is becoming an increasingly important growth engine for oti as it continues to gain adoption by major market leaders.”
"The company’s petroleum payment solutions have already been deployed in 43 countries, more than 1,600 gas stations, and over 100,000 commercial vehicles. “We are working to build upon this momentum and address a widening pipeline of global opportunities,” added Tziperman, “which includes those within our existing customer and partner relationships.”
About EasyFuel Plus
In EasyFuel Plus’s most basic configuration, wireless readers installed in a gas station and contactless readers installed on the nozzle access information stored on a vehicle mounted tag or alternatively on a passive contactless tag mounted around the fuel inlet. This information is required to approve any fuel transaction and should the information not prove valid, refuelling is denied.
The validity of the method of payment can be verified offline or online. Due to the flexibility and security of the oti technology platform, a wide range of business rules such as the fuel grade, tank capacity and velocity checks can be managed offline.
OTI PetroSmart’s ability to support pre-payment on its devices, including vehicle tags (without the reliance on back-end systems) further serves to differentiate its product offering. For further information about EasyFuel Plus visit www.otipetrosmart.com.
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.
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. 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 the greater adoption or demand of oti’s EasyFuel Plus system across Southern Africa or elsewhere by long-existing or future customers, or the sales efforts made by OTI PetroSmart shall be productive and actually result in major orders in the short and mid-term, or that the EasyFuel Plus product shall become a substantial growth engine for oti in the mid or long term, oti's long term growth and profitability, further penetration of the EasyFuel Plus product in the Petroleum market, and or the successful execution and implementation of the project for the Ministry in Southern Africa, in all or any of the three phases of the project. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in oti's annual report on Form 10-K for the year ended December 31, 2013 and in subsequent filings with the Securities and Exchange Commission. 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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