Business Editors
CLEARWATER, Fla.--(BUSINESS WIRE)--June 8, 2000
OTI America Inc. (OTI), the world leader in contact/contactless microprocessor based smart card solutions, with years of experience in the smart card industry, together with Fast Paycheck Advance of Florida Inc., a wholly owned subsidiary of Pinnacle Business Management (OTC:PCBM), have both teamed with SmartNexus Inc., providing the nation's first turn-key smart card solution, to put the power and flexibility of smart cards in the hands of a broad segment of the population.
OTI, as a part of the SmartNexus team, brings its leading technology and products to this project. The SmartNexus team will provide PCBM with a fully operational smart card system for distributing funds to customers. Customers will receive an "instant issue" smart card, good for making purchases via all point-of-sale systems and other smart card applications.
PCBM expects to issue 1 million of the cards in the first year of the program, with the first cards expected to be issued in July.
"OTI brings Pinnacle and SmartNexus its field tested leading edge products and solutions. Our vast experience with multi applications contact/contactless microprocessor based products will provide the highest flexibility and security to implement Pinnacle and SmartNexus needs," said Ohad Bashan, president & CEO for OTI America Inc.
"Introducing smart cards to our industry is a natural progression for PCBM. This clearly is a coming economic revolution, and we have a responsibility to ensure that our customers are equipped to deal with it," said Bruce Hall, president of PCBM. "We feel that smart cards will totally change the way Americans do business, and we are proud to be on the cutting edge of this trend."
About OTI
On Track Innovations Ltd. (OTI) is the world's pioneer in microprocessor-based contactless smart card technology. The company has developed a portfolio of patented contactless smart card technologies, including the microprocessor-based contactless/contact EYECON(TM) MultiCard system, which provides optional DES, Triple-DES, RSA or ECC level data encryption between the card and the reader.
The company received the prestigious ESCAT Award for the "Most Innovative Smart Card Accomplishment of the Year 1997." Established in 1990, OTI has applied its technologies in a variety of applications worldwide.
The implementation of numerous applications such as the electronic purse, mass transit, parking, gas management systems, loyalty schemes, ID and security as well as other unique customized applications has put OTI and its products at the cutting edge of contactless smart card technology. OTI has already established front offices and subsidiaries in Europe, the United States, South Africa and China. For further information on OTI, visit its Web site at www.oti.co.il
About Pinnacle Business Management
Pinnacle Business Management is in the business of advancing small loans payday through their wholly owned subsidiary, Fast Pay Check Advance of Florida Inc. and through the branded Pinnacle Cash Cards, and by integrating e-commerce and electronic funds tracking and transfer technology, Pinnacle will give new opportunities to those consumers who have been shut out of the economic and e-commerce mainstream for various reasons. For more details on these and other PCBM activities, refer to the news releases at http://www.pcbm.com.
