ROSH PINNA, Israel, April 10, 2017 (GLOBE NEWSWIRE) — On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC), cashless payment and fuel management solutions, announced today that its wholly owned subsidiary, OTI PetroSmart, has launched two new products, GOSTrack and GOSFleet, providing advanced vehicle location tracking and telematics solutions for its fuel management customers.
“The growth opportunity in the global fuel management market is significant, driven by new technologies. OTI’s proprietary suite of products creates unprecedented value for fleet and fuel management customers. Operating in 40 countries, our OTI PetroSmart subsidiary is very well positioned to serve this market and increase OTI’s recurring revenue streams,” stated OTI CEO Shlomi Cohen.
With the launch of the new products, OTI PetroSmart’s proven and globally deployed Automatic Vehicle Identification (AVI) based fuel management solution, EasyFuelPlus, is significantly enhanced, giving fleet operators real-time vehicle location, driver behaviour, powerful diagnostics and cloud-based reporting tools.
GOSTrack and GOSFleet share the same hardware platform and both solutions build upon OTI PetroSmart’s proven and hugely successful GPS Odometer Sender (GOS) functionality, which captures distance travelled data independently of the vehicle, resulting in highly accurate calibration-free fuel consumption monitoring. As part of the launch, OTI PetroSmart is also rebranding the existing GOS solution as GOSFuel.
GOSTrack delivers all the benefits of GOSFuel, plus real-time vehicle location tracking and driver behaviour monitoring, together with powerful enhanced reporting. Using a range of built-for-purpose peripherals, GOSFleet adds even more advanced vehicle and driver data capture, diagnostics and reporting functionality.
“For many years, our customers have been delighted with our best-in-class fuel management solutions, which provide the most secure way to refuel their vehicles, monitor and manage their fuel spend,” said Charlotte Hambly-Nuss, Managing Director of OTI PetroSmart. “Now, with the launch of GOSTrack and GOSFleet, they can not only secure their fuel, but can also access a range of functionality to help them manage their fleets of vehicles and drivers too.”
Completing the portfolio is FleetReporter, a powerful and flexible cloud-based portal, developed by OTI PetroSmart in partnership with Key Telematics. “By partnering with Key Telematics, we are leveraging Key’s decades of industry knowledge as global leaders in asset management software and extending our already comprehensive FuelReporter system to include powerful new fleet management and analytics functionality,” Mrs Hambly-Nuss added. “This ensures our customers benefit from the very best hardware and software technology currently available.”
Clive Killops, CEO of Key Telematics, commented, “We are delighted to partner with OTI PetroSmart and are excited to be part of providing best-in-class solutions to their broad customer base, including multinational oil companies and OTI PetroSmart’s global strategic partners. The relationship between Key Telematics and OTI PetroSmart has clear synergies, and we view this collaborative partnership as a fantastic opportunity to reach new markets and customers together.”
About OTI PetroSmart
OTI PetroSmart, established in 2000, is a leading provider of integrated fuel management solutions and operates in over 40 countries via a network of strategic partners and distributors.
OTI PetroSmart products automate, simplify and secure the refuelling and payment process across a range of verticals, including the retail, commercial, industrial and mining sectors. Our core solutions help reduce operational expenditure by eliminating manual processes as well as by providing quality data that not only enables the effective management of fuel consumption but also helps to prevent fraud.
About Key Telematics
Key Telematics is a Software as a Service (SaaS) company offering premium hosted software to vendors of asset management solutions. We specialise in bringing affordable premium telematics software to vendors in all industries. For more information please visit www.keytelematics.com.
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, 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 StatementsThis 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, 2016, 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.
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