{"id":386774,"date":"2020-11-23T08:48:56","date_gmt":"2020-11-23T13:48:56","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386774"},"modified":"2020-11-23T08:48:56","modified_gmt":"2020-11-23T13:48:56","slug":"on-track-innovations-ltd-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/on-track-innovations-ltd-reports-third-quarter-2020-financial-results\/","title":{"rendered":"On Track Innovations Ltd. Reports Third Quarter 2020 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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YOKNEAM, Israel<\/span>, Nov. 23, 2020<\/span> \/PRNewswire\/ —\u00a0On Track Innovations Ltd. (“OTI”) <\/b>(OTCQX: OTIVF) (the “Company<\/b>” or “OTI<\/b>“), a global provider of near field communication (NFC) and cashless payment solutions,\u00a0today provided a business update and announced financial results for the third quarter ended September 30, 2020<\/span>. <\/p>\n

\n Management<\/b>
\n \u00a0Commentary<\/b>\n <\/p>\n

\n Mr. Yehuda Holtzman<\/span>, OTI’s CEO, commented<\/b>, “The results of the quarter continued to be impacted by the COVID-19 pandemic and the various lockdown measures taken in the geographies in which we operate. Specifically in Poland<\/span>, the recent deterioration in the pandemic situation in that country has led to an almost complete stop to our Mass Transit Ticketing sales business, negatively impacting our cash flow. We are looking at various options to address the Company’s cash needs, including measures we are taking to cut costs and raise funds.” <\/p>\n

Continued Mr. Holtzman, “While not yet expressed in our financial results, our new sales strategy of strengthening our presence in key regions is beginning to bear fruit, which makes us incrementally optimistic for the long-term. During the nine months ended September 30, 2020<\/span>, we saw an almost 60% year-over-year increase in our Retail related revenues due the cashless and non-physical nature of our products. Barring a worsening of the current pandemic crisis, and subject to successfully increasing our cash as necessary to continue as a going-concern in the short term, we believe\u00a0that our Retail activity will continue to present solid results alongside a recovery post COVID-19 in our Mass Transit Ticketing sales, which should lead to sales growth during 2021.” <\/p>\n

\n Third quarter 2020 Financial Results Summary<\/b>\n <\/p>\n