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Technology Stocks : On Track Innovations Ltd. (OTIV)
OTIV 1.41+3.7%11:59 AM EDTNews

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From: JakeStraw4/28/2014 11:52:25 AM
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OTI PetroSmart Awarded 15-Year Government Ministry Contract to Supply EasyFuel Plus Fuel Management System in Southern Africa
finance.yahoo.com

OTI PetroSmart and its local operating partner will deploy the EasyFuel Plus ‘contactless’ solution to facilitate automated refueling at the ministry’s national network of more than 15 “home base” sites and a few thousand vehicles. The initial order is valued at US $550,000 which will be recognized in 2014. Further expansion may be possible during the life span of the project.

OTI PetroSmart’s local operating partner licensed oti’s complete EasyFuel Plus back-office suite in order to provide the ministry a range of services, including help desk, account management and bureau services.

OTI PetroSmart has supplied its packaged home base solution for the first phase of the project, and is currently processing orders for the next two phases. The scope of the project includes the supply of automatic tank gauging equipment, automatic vehicle identification, as well as various risk management systems. EasyFuel Plus also provides automatic odometer or engine hour outputs that helps customers effectively manage fuel consumption.

“This important customer win reflects how adoption of our EasyFuel Plus is gaining momentum across Southern Africa,” said Charlotte Hambly-Nuss, managing director of OTI PetroSmart. “Our growing customer base includes prominent petroleum retailers, major commercial fleets and government agencies. Many of our long-existing customers who deployed our legacy cabled solution are now looking to upgrade to EasyFuel Plus, which is a more cost effective and scalable solution to implement and maintain.”

Ofer Tziperman, CEO of oti, commented: “We expect the strong sales efforts by OTI PetroSmart to result in additional major orders through the year. Our EasyFuel Plus line of business is becoming an increasingly important growth engine for oti as it continues to gain adoption by major market leaders.”

"The company’s petroleum payment solutions have already been deployed in 43 countries, more than 1,600 gas stations, and over 100,000 commercial vehicles. “We are working to build upon this momentum and address a widening pipeline of global opportunities,” added Tziperman, “which includes those within our existing customer and partner relationships.”
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