Key Developments For OTI ON TRACK INNOVATIONS LTD
OTI ON TRACK INNOVATIONS LTD (OTIV.O) (Consolidated Issue listed on NASDAQ Global Market)
Smartrac N.V. Acquires On Track Innovations Ltd's And MCT's Inlay Manufacturing Assets
Smartrac N.V. and On Track Innovations Ltd announced that they have signed binding agreements by which Smartrac acquires the assets of On Track Innovations subsidiary Millennium Card's Technology Ltd. (MCT) and the machinery and inlay production intellectual property from On Track Innovations for EUR 8.5 million (approx. $12.5 million) in an asset deal. The Parties signed a supply agreement that will fully secure On Track Innovations's delivery of products and projects and Smartrac becomes On Track Innovations's exclusive supplier for wire-embedded and Dual Interface Inlays. In addition, both parties will mutually accept and respect each other's patents especially in the field of Wire-Embedding and Dual Interface technology. As part of the agreements, all patent litigations and in particular all patent infringement legal proceedings between Smartrac and On Track Innovations have been ceased. The parties have also signed a supply agreement by which On Track Innovations will get defined lead times, production allocation and pricing of Smartrac products. The supply agreement ensures On Track Innovations ability to continue and support their customers with Smartrac manufacturing technology and increased capacity.
On Track Innovations Ltd.'s ASEC Wins Additional Award For 700,000 Multi-Application Contactless Cards From The City Of Warsaw
On Track Innovations Ltd. announced that its subsidiary in Poland, ASEC S.A. (ASEC), will provide the Transport Department of the City of Warsaw with 700,000 public transportation and street parking contactless e-tickets. Warsaw residents use OTI's contactless cards for bus, tram, and metro rides, as well as for street parking. The contract award deliveries are expected to start this year. This is an additional award, bringing the total number of cards supplied for this program to 2.7 million.
On Track Innovations Ltd. And HuaDa-ZhiBao Electronic Systems Ltd Win Supply Contract For Chinas Ministry of Foreign Affairs Electronic Passport Chips
On Track Innovations Ltd. announced that its Chinese partner HuaDa-ZhiBao Electronic Systems Ltd is part of the winning bid to supply the Ministry of Foreign Affairs' (MFA) electronic passport booklet, and will be responsible for the supply of Integrated Circuit (IC) modules to be used in such. HuaDa-ZhiBao is the Company's Chinese local partner, providing a local Chinese product for the MFA program. HuaDa-ZhiBao and the Company have reached an overall profit sharing agreement in addition to product revenues. The Ministry of Foreign Affairs issues passports to diplomats and entry visas to China. The MFA issues about one million passports annually. This award is in addition to the inspection equipment award reported last week.
China's Ministry of Foreign Affairs Selects Track Innovations Ltd. and HuaDa-ZhiBao to Supply Electronic Passport Inspection Equipment
On Track Innovations Ltd. announced that its Chinese partner HuaDa-ZhiBao Electronic Systems Ltd received a notice of award for the supply of Optical Character Recognition (OCR) units for China's Ministry of Foreign Affairs (MFA) electronic passport program, geared towards China's MFA passport holders. The MFA issues passports to diplomats and entry visas to China. The new system will be installed in Chinese embassies around the world and border crossing points in China. The initial phase is to supply 300 units.
On Track Innovations Ltd.'s PARX Ltd. Introduces EasyPark To First Municipality In France
On Track Innovations Ltd. announced that its subsidiary, PARX Ltd., is expanding its parking solution to France, with the addition of Reims, as the first municipality to introduce EasyPark in the country. PARX France will introduce the product under the brand name Piaf 2. PARX France will manage the new EasyPark project. EasyPark is OTI's patented in vehicle electronic parking meter.
