oti Appoints Romania Gripen Environmental as Exclusive Distributor to Romanian Market

ROSH PINA, ISRAEL--(Marketwired - Apr 27, 2016) - On Track Innovations Ltd. (oti) (NASDAQOTIV), a global provider of near field communication (NFC) and cashless payment systems, has appointed Romania Gripen Environmental as its exclusive distributor of NFC readers and payment solutions to the Romanian vending market.

Founded in 2013, Romania Gripen Environmental is a distributor of snack and beverage vending machines in Romania. The company has quickly established a significant installed base of machines in Romania's capital of Bucharest and its second largest city of Iasi. 

Romania Gripen Environmental will market and sell oti's telemetry solution, otiMetry, which includes its SATURN 6500 TRIO NFC-based cashless reader and CONNECT 3000 controller. The all-in-one solution will enable real-time communication between vending machines, allowing Romania Gripen's customers to remotely manage a single machine or an entire fleet. Romania Gripen Environmental plans to go-to-market with the solution immediately.

Eran Bar, oti regional sales manager for Europe, Middle East, Africa (EMEA), commented: "This new partnership marks oti's entrance into the rapidly growing Romanian vending market. Today, the market is characterized by a large installed base of machines, which to a large extent still only accepts coins and bills. Given Romania Gripen's expanding distribution channels and customer base, we believe oti has a significant opportunity to be the leading NFC technology provider in Romania, helping vending operators transition to a full cashless payment solution." 

About Romania Gripen Environmental
Founded in 2013 as a subsidiary of Gripen Capital Advisors, Romania Gripen Environmental is a leading distributor of snack and beverage vending machines to the Romanian market. For more information, visit www.gripen-e.com or www.youngventure.ro

About oti
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.

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