OTIV » Topics » Overview

This excerpt taken from the OTIV 20-F filed Jun 29, 2009.

Overview

        We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our Israeli headquarters with additional sales support offices located in U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and the Far East.

        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards, inlays, readers and machines ) that we sell to original equipment manufacturers, OEMs, as well as other cards manufactures and companies for sale or incorporation into their own products. Our three complete system product lines include:

  Payments Solutions: we offer financial institutions a cashless system and loyalty program to replace cash, which includes the PayPass system that we are installing for MasterCard, our EasyPark system and our mass transit payment system as well as cards, inlays and machineries for the production of SmartID solutions as well as production line for SIM cards;

  Petroleum Systems: OTI’s EasyFuel is a wireless, cashless, cardless, and paperless fuel management and petroleum solution which includes both our gasoline management system, or GMS, and our EasyFuel systems; and

  Smart ID Solutions: OTI’s solutions for credentialing, identifying and verifying individuals combine the capability to support biometric identification with the portability of smart cards. We also offer cards, inlays and machineries for the production of SmartID solutions.

        In 2003 we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2006, 2007 and 2008, product sales to OEMs accounted for $7.8 million, $8.7 million and $8.9 million, respectively, of our total revenues.

        We began marketing cards, inlays and machineries following our acquisitions of MCT, e-Pilot and POE .

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        We have reported net losses for each year that we have been in business, and we expect to incur full year losses at least through 2009. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2009 and we also cannot assure you that we will be profitable in either of the last two quarters of 2009, or afterwards.

This excerpt taken from the OTIV 20-F filed Mar 31, 2008.

Overview

We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our Israeli headquarters with additional sales support offices located in U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and Far East.

35



Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards, inlays, readers and machines ) that we sell to original equipment manufacturers, OEMs, as well as other cards manufactures and companies for sale or incorporation into their own products. Our three complete system product lines include:

  Payments Solutions: we offer financial institutions a cashless system and loyalty program to replace cash, which includes the PayPass system that we are installing for MasterCard, our EasyPark system and our mass transit payment system as well as cards, inlays and machineries for the production of SmartID solutions as well as production line for SIM cards;

  Petroleum Systems: OTI’s EasyFuel is a wireless, cashless, cardless, and paperless fuel management and petroleum solution which includes both our gasoline management system, or GMS, and our EasyFuel systems; and

  Smart ID Solutions: OTI’s solutions for credentialing, identifying and verifying individuals combine the capability to support biometric identification with the portability of smart cards. We also offer cards, inlays and machineries for the production of SmartID solutions.

In 2003 we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2005, 2006 and 2007, product sales to OEMs accounted for $6.9 million, $7.8 million and $8.7 million, respectively, of our total revenues.

We began marketing cards, inlays and machineries following our acquisitions of MCT, e-Pilot and POE .

We have reported net losses for each year that we have been in business. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2008 and we also cannot assure you that we will be profitable in either of the last two quarters of 2008, or afterwards.

This excerpt taken from the OTIV 20-F filed Jun 25, 2007.

Overview

We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and Far East.

Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our three complete system product lines include:

  Payments Solutions: we offer financial institutions a cashless system and loyalty program to replace cash, which includes the PayPass system that we are installing for MasterCard, our EasyPark system and our mass transit payment system;

  Petroleum Systems: OTI's EasyFuel is a wireless, cashless, cardless, and paperless fuel management and petroleum solution which includes both our gasoline management system, or GMS, and our EasyFuel systems; and

  Smart ID Solutions: OTI’s solutions for credentialing, identifying and verifying individuals combine the capability to support biometric identification with the portability of smart cards.

34



In 2003 we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2004, 2005 and 2006, product sales to OEMs accounted for $8.9 million, $6.9 million and $7.8 million, respectively, of our total revenues.

We have reported net losses for each year that we have been in business. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2007 and we also cannot assure you that we will be profitable in either of the last two quarters of 2007, or afterwards.

This excerpt taken from the OTIV 6-K filed Mar 29, 2007.

Overview

        We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and Far East.

        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our three complete system product lines include:

  Payments Solutions, including the PayPass system that we are installing for MasterCard International, our EasyPark system and our mass transit payment system;

  Petroleum Systems, including both our gasoline management system, or GMS, and our EasyFuel systems and

  Smart ID Solutions, for both personal identification and credentialing purposes.

        We began selling campus systems, our first product line, in 1993. Over time, our customer base for campus systems increased and, in 1995, we began selling our second product line, GMS. In 2003, we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2004, 2005 and 2006, product sales to OEMs accounted for $8.9 million, $6.9 million and $7.8 million , respectively, of our total revenues.

        We have reported net losses for each year that we have been in business. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2007 and we also cannot assure you that we will be profitable in either of the last two quarters of 2007, or afterwards.

This excerpt taken from the OTIV 20-F filed May 22, 2006.

Overview

        We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and Far East.

        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our three complete system product lines include:

  Micropayments Solutions, including the PayPass system that we are installing for MasterCard International, our EasyPark system and our mass transit payment system;

  Petroleum Systems, including both our gasoline management system, or GMS, and our EasyFuel systems; and

  Smart ID Solutions, for both personal identification and credentialing purposes.

        We began selling campus systems, our first product line, in 1993. Over time, our customer base for campus systems increased and, in 1995, we began selling our second product line, GMS. In 2003, we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2003, 2004 and 2005, product sales to OEMs accounted for $6.3 million, $8.9 million and $6.9 million, respectively, of our total revenues.

        We have reported net losses for each year that we have been in business. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2006 and we also cannot assure you that we will be profitable in either of the last two quarters of 2006, or afterwards.

This excerpt taken from the OTIV 6-K filed Mar 31, 2006.

Overview

        We design, develop and sell contactless microprocessor-based smart card systems. Our headquarters and main research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe, South Africa and the Far East. Our packaging, assembly and manufacturing facilities are located in Israel, Germany and Far East.

        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer three lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our three complete system product lines include:

  Micropayments Solutions, including the PayPass system that we are installing for MasterCard International, our EasyPark system and our mass transit payment system;

  Petroleum Systems, including both our gasoline management system, or GMS, and our EasyFuel systems;

  Smart ID Solutions, for both personal identification and credentialing purposes; and

        We began selling campus systems, our first product line, in 1993. Over time, our customer base for campus systems increased and, in 1995, we began selling our second product line, GMS. In 2003, we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2003, 2004 and 2005, product sales to OEMs accounted for $6.3 million, $8.9 million and $6.9 million, respectively, of our total revenues.

        We have reported net losses for each year that we have been in business. Our business tends to be seasonal, with greater sales in the third and the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2006 and we also cannot assure you that we will be profitable in either of the last two quarters of 2006, or afterwards.



This excerpt taken from the OTIV 20-F filed Oct 28, 2005.

Overview

        We design, develop and sell contactless microprocessor-based smart card products. Our headquarters and research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe and South Africa. Our packaging, assembly and manufacturing facilities are located in Israel and Germany.

31



        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer four lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our four complete system product lines include:

  Micropayments Solutions, including the PayPass system that we are installing for MasterCard International, our EasyPark system and our mass transit payment system;

  Petroleum Systems, including both our gasoline management system, or GMS, and our EasyFuel systems;

  Smart ID Solutions, for both personal identification and credentialing purposes; and

  Campus Systems.

        We began selling campus systems, our first product line, in 1993. Over time, our customer base for campus systems increased and, in 1995, we began selling our second product line, GMS. In 2003, we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2002, 2003 and 2004, product sales to OEMs accounted for $6.1 million (34%), $6.3 million (32%) and $8.9 million (38%), respectively, of our total revenues.

        We have reported net losses for each year that we have been in business. For the unaudited fourth and third quarters of 2004 and for the third quarter of 2003 we reported net losses of $2.2 million, $1.2 million and $1.8 million, respectively. We reported net income of $102,000 for the fourth quarter of 2003. Because our business tends to be seasonal, with greater sales in the third and, particularly, the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2005 and we also cannot assure you that we will be profitable in either of the last two quarters of 2005. Furthermore, we expect to incur full year losses at least through 2005.

This excerpt taken from the OTIV 20-F filed May 4, 2005.

Overview

        We design, develop and sell contactless microprocessor-based smart card products. Our headquarters and research and development activities are in Israel. Our sales and marketing efforts are directed from our U.S. subsidiary, OTI America, located in Fort Lee, New Jersey, with additional sales and support offices located in Israel, Europe and South Africa. Our packaging, assembly and manufacturing facilities are located in Israel and Germany.

31



        Since our incorporation in 1990, we have focused on the development of our core technologies and our OTI Platform-based products. We currently offer four lines of products, each of which constitutes a complete system, as well as components (such as smart cards and readers) that we sell to original equipment manufacturers, or OEMs, for incorporation into their own products. Our four complete system product lines include:

  Micropayments Solutions, including the PayPass system that we are installing for MasterCard International, our EasyPark system and our mass transit payment system;

  Petroleum Systems, including both our gasoline management system, or GMS, and our EasyFuel systems;

  Smart ID Solutions, for both personal identification and credentialing purposes; and

  Campus Systems.

        We began selling campus systems, our first product line, in 1993. Over time, our customer base for campus systems increased and, in 1995, we began selling our second product line, GMS. In 2003, we introduced and began to realize revenues from EasyFuel, our contactless petroleum system, which we expect to account for an increasing proportion of our petroleum system sales. In 1998, we were awarded a contract for the first of our micropayments systems, an electronic parking payment system which we refer to as EasyPark. We began to deploy EasyPark in 2000 and completed deployment of the first system in June 2001. We deployed our first mass transit micropayments system in China during 2000 and in the United States in 2003. In 2002, we began to realize nonrecurring engineering revenues from the PayPass™ micropayments system that we are installing for MasterCard International and we began to recognize product sale revenues from that system in 2004.

        We began to market components for incorporation into the products of OEMs with our acquisition of InterCard Systemelectronic in June 2000. During 2002, 2003 and 2004, product sales to OEMs accounted for $6.1 million (34%), $6.3 million (32%) and $8.9 million (38%), respectively, of our total revenues.

        We have reported net losses for each year that we have been in business. For the unaudited fourth and third quarters of 2004 and for the third quarter of 2003 we reported net losses of $2.2 million, $1.2 million and $1.8 million, respectively. We reported net income of $102,000 for the fourth quarter of 2003. Because our business tends to be seasonal, with greater sales in the third and, particularly, the fourth quarters of every year, we do not anticipate having net earnings for either of the first two quarters of 2005 and we also cannot assure you that we will be profitable in either of the last two quarters of 2005. Furthermore, we expect to incur full year losses at least through 2005.

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