Business Editors/Technology Writers
TOKYO & FORT LEE, N.J.--(BUSINESS WIRE)--October 13, 2008--Renesas Technology Corp., a leading semiconductor system solutions provider for mobile, automotive and PC/AV (audio visual) markets, and On Track Innovations Ltd (OTI) (NASDAQ:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that they have developed a secure contactless microcontroller solution geared toward the US contactless payments market. The new secure payment solution has been certified by MasterCard
PayPass
for their 3.3 specifications and Visa 2.0.2 A&C V3.0 specifications to comply with contactless card standards. The solution is available to US banks and banks around the world who issue industry standard contactless cards.
Renesas Technology supplies the contactless microcontroller based on its AE-series smart card controller technology and OTI provides the operating system and application, and the contactless card technology including the inlay technology. The combination of Renesas? secured contactless AE41R microcontroller and OTI?s Hercules operating system bundled in OTI?s contactless products and technology enables the development of a robust solution that meets the stringent security requirements of the payments industry, while also supporting the speed and convenience that is essential in contactless transactions.
The solution was developed to support the large volume orders expected for the US contactless payments market: Renesas is one of the largest contactless chip providers in the world and it is widely recognized by card manufacturers for superior quality, yield, time-to-market and packaging. OTI has almost two decades of experience providing secure contactless solutions for multiple markets, and is providing solutions to support contactless cards, key fobs, smart stickers and more unique contactless products.
?Renesas is committed to providing the banking industry with a highly secure, high performance quality contactless payment solution built with its advanced security microcontroller technology, world-class manufacturing capabilities and technical competence gained over the years of experience in the security market,? said Kenichi Ishibashi, general manager of secure MCU business unit Renesas Technology Corp. ?By combining our chip technology and OTI?s operating system and an antenna module, we can simplify the design process for card manufacturers and help accelerate the adoption of more secure contactless payment methods among many banks around the world.?
?Our contactless solution provides issuers and card manufacturers with a cost-effective, reliable and secure way to implement contactless cards. We are geared up to support contactless payment programs with our proven solution of both cards and readers,? said Oded Bashan, Chairman and CEO of OTI.
About OTI
Established in 1990, OTI (NASDAQ:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit
www.otiglobal.com
, the content of which is not part of this press release.
About Renesas Technology Corp.
Renesas Technology Corp. is one of the world's leading semiconductor system solutions providers for mobile, automotive and PC/AV (Audio Visual) markets and the world's No.1 supplier of microcontrollers. It is also a leading provider of LCD Driver ICs, Smart Card microcontrollers, RF-ICs, High Power Amplifiers, Mixed Signal ICs, System-on-Chip (SoC) devices, System-in-Package (SiP) products and more. Established in 2003 as a joint venture between Hitachi, Ltd. (TOKYO:6501) (NYSE:HIT) and Mitsubishi Electric Corporation (TOKYO:6503), Renesas Technology achieved consolidated revenue of 951 billion JPY in FY2007 (end of March 2008). Renesas Technology is based in Tokyo, Japan and has a global network of manufacturing, design and sales operations in around 20 countries with about 26,800 employees worldwide. For further information, please visit
http://www.renesas.com
Other product names, company names, or brands mentioned are the property of their respective owners.
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those related to the potential market for OTI?s and Renesas?s joint solution,
expected revenues to be generated from this solution and its superiority. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2007, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
OTI
Galit Mendelson, 201-944-5200 ext. 111
Director of Corporate Communications
galit@otiglobal.com
or
portfoliopr
Paul Holm, 212-888-4570 (
Investor Relations)
paulh@portfoliopr.biz
or
Japan:
Renesas Technology Corp.
Yoichi Kobayashi, +81-3-6756-5555
kobayashi.yoichi2@renesas.com
U.S.:
Renesas Technology America Inc.
Akiko Ishiyama, +1-408-382-7407
akiko.ishiyama@renesas.com
Europe:
Renesas Technology Europe Limited
Jasper Credland, +44-1628-585163
jasper.credland@renesas.com
Singapore:
Renesas Technology Singapore Pte. Ltd.
Tan Swee Cheng, +65-6213-0211
Singapore_PR@renesas.com
China Mainland:
Renesas Technology (Shanghai) Co., Ltd.
Carrie Yu, +86-21-5877-1818 (#803)
carrie.yu@renesas.com
Hong Kong:
Renesas Technology Hong Kong Ltd.
Silkie Lau, +852-2265-6611
silkie.lau@renesas.com
Taiwan region:
Renesas Technology Taiwan Co., Ltd.
Frankie Tseng, +886-2-3518-3392
frankie.tseng@renesas.com
State Keywords: California; New Jersey
Industry Keywords: Technology; Hardware; Software; Security; Semiconductor
Source: Renesas Technology Corp. and On Track Innovations Ltd (OTI)
