PRESS RELEASE
June 25, 2012, 9:30 a.m. EDT
ISELIN, N.J., Jun 25, 2012 (GlobeNewswire via COMTEX) -- On Track Innovations Ltd. ("OTI")OTIV +3.41% today announced that the United States Patent and Trademark Office has issued new U.S. patents to the company. These new patents deepen OTI's involvement in the NFC market from hardware to application level.
OTI's New Patents Include:
-- The "Retrofit Contactless Smart SIM Functionality in Mobile
Communicators" patent (U.S. Patent No. 8,195,236) relates among others
to adding NFC and contactless payment capabilities to existing mobile
handsets through the connection of a device to a phone's existing SIM
card. This is the foundation of OTI's Contactless Payments and NFC
Insert (COPNI). A COPNI-enabled mobile phone enables mobile network
operators (MNOs) to provide a true after-market solution to existing
subscribers, filling the gap between the demand for handsets with
embedded NFC and non-NFC enabled phones already in the market.
-- The "Multi-Application Contactless Smart Card" patent (U.S. Patent No.
8,186,602) relates among others to supporting multiple applications
and/or payment mechanisms on a single contactless device and operating
system.
OTI's new patents are now part of the company's extensive and expanding intellectual property ("IP") portfolio, which includes over 100 issued patents and pending patent applications. OTI's IP portfolio covers its proprietary product applications, software platforms, system and product architecture, product concepts and more in the fields of NFC, contactless payment, secure ID, petroleum and parking solutions.
OTI is a pioneer in the contactless payment market and supported MasterCard and Visa, among others, in the creation and implementation of contactless transaction processing and payment solutions.
Oded Bashan, OTI's Chairman and CEO, commented, "The addition of these new patents to our IP portfolio strengthens our position in the contactless payment market, specifically as it pertains to NFC. Furthermore, being granted another patent pertaining to the NFC sphere is yet again testimony to OTI's creative thinking and excellent R&D resources."
About On Track Innovations Ltd. ( www.otiglobal.com )
On Track Innovations Ltd. ("OTI") designs, develops and markets secure identification, payment and transaction processing technologies and solutions for use in secure ID, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines state-of-the-art contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, NFC and contactless payments, loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.
The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736
