On Track Innovations Ltd. (OTIV)

[WOW23P]

This just out:

ROSH PINNA, Israel, Nov. 6, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has partnered with Almex Transport Solutions ticketing machines for the George Municipality Western Cape Government to implement the Go GEORGE Smart Cards, a "smart card" solution for South Africa's public transportation system which will replace the paper ticketing system currently used on buses in the region.

The project, called The George Integrated Public Transport Network (GIPTN), is aimed at launching a new and improved public transport system for South Africa. OTI's wholly owned subsidiary, OTI Africa, will supply ultra-intelligent OTI TRIO cashless readers that will register the fare upon boarding the bus via contactless NFC technology, which inevitably will save much-needed time for public transport scheduling, as well as eliminating the need for correct cash change and cleaning up the paper tickets waste problem.

"This new partnership to assist in the implementation of a 'smart card' program in South Africa is meaningful, as it marks our second entrance into the payment market in South Africa," said Shlomi Cohen, CEO OTIGlobal. "We are confident that our TRIO cashless readers will help ensure a smooth transition and greatly benefit those using public transportation in the region."