CUPERTINO, Calif., April 5 /PRNewswire-FirstCall/ – On Track Innovations, Ltd. (Nasdaq: OTIV; Prime Standard (Frankfurt): OT5), a global leader in contactless microprocessor-based smart card solutions, today said that distribution of electronic ID cards that carry OTI’s technology has begun.
Xinhua News Agency, the state and worldwide news agency in China, reported earlier this week that, “Within the first half of this year, 200,000 residents of Shanghai’s Jiading and Chongming districts will be issued new ID cards. After that, the new cards will be distributed throughout the city, according to Zheng Shanhe, the deputy director of the Shanghai Public Security Bureau. Zheng said that by the end of 2008, the cards will be in use nationwide.”
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, micropayments, mass transit ticketing, parking, loyalty programs, ID 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. Major clients include: MasterCard International, Atmel, BP, Scheidt & Bachmann, EDS, Repsol and the Government of Israel. For more information on OTI, visit http://www.otiglobal.com.
This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. 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 otherwise.
Director of Corporate Communication