ROSH PINA, Israel--(BUSINESS WIRE)--On Track Innovations Ltd. (oti) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has been named the silver medal winner of the 2014 PYMNTS Innovator Award in the ‘Best Comeback Story’ category. Competitors in the category included Google, Blue Snap, Prosper and Earthport.
“We’re honored to be recognized for the tremendous product development and new major customer wins we achieved over the last year,” said Ofer Tziperman, oti’s CEO. “This reflects how we’ve strengthened our board of directors and executive team, divested non-core businesses, and refocused on our core NFC-based payment technology.
"As a result, we have been able to reinvigorate our growth while reducing costs, as well as expand key relationships with industry leaders like with MasterCard and Visa, who have certified the oti payment products hence accelerated the adoption of oti’s technology in the NFC payment industry. We have been a comeback story of which every employee can be proud.”
The winners of 2014 PYMNTS Innovator Award were selected among 500 companies, which were announced yesterday during the closing ceremony of The Innovation Project 2014. The two-day event, which was hosted by PYMNTS.com, highlighted the rapidly changing payments and commerce ecosystem, including the reinvention of retail, digital cash, security, global commerce and the consumer experience. Judges included executives from venture capitalist firms of Bain Capital Ventures, Continental Advisors, Commercial Ventures, Global Economics Group, NACHA, Menlo Ventures, General Atlantic, Market Platform Dynamics and Flybridge Capital Partners.
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 oti’s actual success in increasing its revenues or profitability from its NFC-based payment technology and/or from the increase of its research and development activities or sales and marketing activities or from expansion of its business relationship with any key partner, including MasterCard, Visa or any other vendor, and/or actually reducing its costs and operation expenses following elimination of secondary lines of businesses or successfully executing oti’s growth plans. 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 20-F for the year ended December 31, 2012 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.