Tallahassee, FL 11/30/11 (StreetBeat) --On Track Innovations Ltd. (Nasdaq:OTIV) today announced its first non-exclusive license for core technologies within its proprietary portfolio of IP and patents amounting $7 million USD with a multibillion dollar corporation. OTI anticipates that the revenues from this agreement will be recorded in Q4 2011.Oded Bashan, OTI's Chairman and CEO, commented, "This agreement reflects the benefits of our expanded efforts to further leverage our proprietary technology and other intellectual property through licensing and partnership opportunities, and underscores the high value of our technology and solutions to third parties as demonstrated in this agreement, which covers a portion of our technology footprint and is focused on one particular vertical market."
OTI's technology, patent and IP portfolio includes, among others, product applications, software platforms, system and product architecture and product concepts in the fields of contactless payments and Near Field Communications (NFC); ID; Petroleum; Parking solutions; and much more.
About On Track Innovations Ltd.
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, contactless payment and loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.
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