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OTI Awarded a Ten-Year Contract to Supply EasyFuel System to a Government Agency With Initial Order Totals $2.5 million(Benzinga Lightning Feed Via Acquire Media NewsEdge) On Track Innovations (Nasdaq: OTIV), a global leader in contactless smart card solutions, today announced that it has been awarded a contract, in conjunction with a local market partner, to deploy its EasyFuel solution for a government ministry in Africa. The contract's initial order is for $2.5 million and such revenues are scheduled to be recognized by OTI this year. The agreement, to facilitate automated refueling at both on-road service stations and home bases, is for ten years. OTI will generate ongoing revenues, in addition to product sales, from the provision of a wide range of services including key account management, fuel management reports and a comprehensive service bureau. It is anticipated that additional orders will be placed as the project expands to support other government ministries that will select additional sites and vehicles. (c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga. [ Back To TMCnet.com's Homepage ] |