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On Track Innovations Ltd. (OTIV) Receives Additional Order of 100,000 Cards from Smart Applications International Ltd.

|Includes: On Track Innovations Ltd. (OTIV)

On Track Innovations Ltd., a leader in contactless microprocessor-based smart card technology products, announced the arrival of a 100,000 MediSmartTM healthcare biometric ID card order from Smart Application International Ltd. (SMART). SMART, based in Kenya, is a provider of healthcare solutions through technology. An estimate of 200,000 MediSmart cards have already been issued by SMART.

The main objective behind MediSmart is to reduce and eliminate Medical Insurance Fraud, which had revenue losses of 40 percent of total claims in Kenya. The fraud greatly affects the industry, causing higher insurance rates while providers are working to obtain more business and trying to reduce the loss in the medical insurance industry. SMART’s goal is to improve profitable growth for the healthcare industry by reducing and discouraging fraudulent claims via the biometrically controlled MediSmart ID card.

“Out of an estimated work force of 12 million people, less than a million Kenyans actually have private medical insurance coverage, which represents a tremendous growth opportunity for the healthcare insurance industry. However this opportunity will only be a reality when solutions like the one provided by SMART and OTI become the route to market. It is this growing untapped opportunity that remains our motivation,” said Mrs. Pauline Muriuki, CEO of SMART. “We deliver the most sophisticated and accurate healthcare biometric patient ID and medical record system with benefits to many sectors of Kenyan society, specifically, insurance companies will benefit since they can focus their resources on legitimate policy holders and lower the cost of medical fraud and waste.”

A strong team of healthcare industry experts at On Track Innovation develops MediSmart with a system process design supported by SMART. MediSmart provides a thorough and complete medical history, biometric identification via photo and fingerprints, and co-payment options. MediSmart also enables the introduction and the management of joint state and private sector funding and their models for service delivery. The MediSmart solution includes biometrics cards, readers, and all related software that are easily integrated into the hospital’s management system.

“Implementation of MediSmart and recent data proves that MediSmart is a paramount vehicle in reducing fraud, cutting cost and improving accuracy, ultimately resulting in better service to patients,” said Oded Bashan, chairman and CEO of OTI. “The continuing success and expansion of MediSmart in Kenya serves as further validation to the effectiveness and comprehensive nature of our healthcare biometric ID solution. We will continue to collaborate closely with our business partners in Kenya to expand our system there, as well as work with other healthcare systems around the world, to extend the benefits of MediSmart to other entities seeking to improve the efficient delivery of healthcare services.”

On Track Innovations designs, develops, and markets contactless micro-processor-based smart card technology worldwide. Its products include payment solutions, petroleum systems, and smart ID solutions. The payment solutions offered by the company are compromised of Paypass, a contactless payment program for financial institutions; E-purse, a product that allows a person to load a pre-paid value on a card; EasyPark, which is an electronic parking payment system; and a mass transit payment system that is used for fare collection from passengers in various types of mass transportation systems.

Visit On Track Innovations Limited’s website for more information on the company and its products.

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