In 2004 alone, the massive Chinese ID card program received an estimated 18 million chips incorporating OTI technology, according to company reports.
APPROXIMATELY 18 MILLION CONTACTLESS CHIPS INCORPORATING OTI’S TECHNOLOGY DELIVERED TO THE CHINA ID PROGRAM
Fort Lee, NJ – March 15, 2005 – On Track Innovations Ltd, (OTI) (NASDAQ: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that approximately 18 million contactless ID smart card chips incorporating the OTI technology were delivered to the China ID Project during the year 2004. According to certain news agencies in China, the aim of the China ID Project is to provide Smart ID cards nationwide by the end of 2008.
Oded Bashan, President & CEO of OTI, noted, “We are proud to take part in one of the largest and most advanced identification project to date. We look forward to leveraging our technological advantage in future projects.”
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, micro payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. For more information on OTI, visit www.otiglobal.com.