More Than 25,000 Fleet Vehicles Have Already Joined Program
CUPERTINO, Calif., March 1 /PRNewswire-FirstCall/ – On Track Innovations Ltd, (OTI) (Nasdaq: OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless microprocessor-based smart card solutions, announced today the completion of the 200th gas station of Turcas Petrol A.S, the fourth largest producer and distributor of petroleum products in Turkey, with OTI contactless petroleum payment solution. In 2003, 70 million liters (18.5 million gallons) went through the system. This signals another country that has adopted OTI petroleum payment solutions and another oil company to enjoy the benefits of the product.
OTI’s petroleum payment system, benefits both oil companies and commercial fleet operators; the program monitors and expedites the fueling and payment process, and permits the fueling of designated vehicles only, eliminating potential fraud. In addition, the system provides comprehensive billing, while reporting fuel consumption and mileage.
Late last year, OTI announced new EasyFuel(TM) wireless petroleum payment system installations in Mexico and Spain. In addition, the Company recently reported that their petroleum payment program, branded as FuelMaster(TM) by BP in Southern Africa, reported record volume growth – from 100M liters (26M gallons) in 2002 to 175M liters (46M gallons) in 2003. This increase makes the FuelMaster(TM) payment system one of the most successful launches of a payment program in the petroleum industry.
Peter Rubinstein, President of Karizma Elektrik Elektronik Ltd., which distributes OTI’s petroleum payment solution in Turkey, said, “We found OTI’s petroleum payment solution to be reliable and innovative. It provides a strong value proposition for our customers and we expect the success of the system to continue.”
Moshe Aduk, Vice President of OTI’s Petroleum Solutions said, “The addition of the Turcas Petrol A.S. 200 locations and 25,000 vehicles to OTI’s petroleum payment program represents an important milestone for OTI; following our announcement about implementation in Mexico and Spain, and based on the success of the BP FuelMaster(TM) program in Southern Africa, the Turcas Petrol A.S. program is a testament to OTI’s growing strength in the petroleum payment business.”
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, the Government of Israel and ICTS. For more information on OTI, visit http://www.otiglobal.com.
This press release and other releases are available on http://www.otiglobal.com and http://www.portfoliopr.com
Galit Mendelson, Director of Corporate Communication