(By Balaseshan) On Track Innovations Ltd. (NASDAQ: OTIV), which develops contactless microprocessor-based smart card services, said it has received new orders totaling $4 million, in support of Ecuador's national eID program.
The new orders cover infrastructure, as well as support and maintenance agreement for the coming year.
This is a new and follow-on order which adds to orders received since 2009 from Ecuador's national eID program, which is part of the country's effort to modernize and improve the security of its electronic ID cards.
The company's secured ID solution supports both online and offline communication, thereby allowing every citizen, living in cities and rural areas, to apply for an ID card regardless of the area's communication infrastructure. This user-friendly solution is designed to provide maximum accuracy and security.
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"This is an important program for OTI's SmartID solution, as it demonstrates our ability to successfully support a country's national identification program with our complete and highly secure offering," said Oded Bashan, Chairman of On Track Innovations.
On Track Innovations designs, develops and markets solutions based on its secure contactless microprocessor-based smart card technology to address the needs of a range of markets. Its products combine the benefits of both microprocessors and contactless cards.
OTIV remains unchanged from previous close of $1.32. The stock has been trading between $0.92 and $1.90 for the past 52 weeks.