SOUTH PORTLAND, Maine & ROSH PINNA, Israel--(BUSINESS WIRE)--Nov. 27, 2017--
WEX Inc. (NYSE: WEX) a leading global provider of corporate payment
solutions, and OTI PetroSmart, a wholly owned subsidiary of OTI
(NASDAQ:OTIV), are pleased to announce that Puma Energy has selected
WEX’s IFCS payment processing system to support its on-road B2B fueling
offer. IFCS is integrated with OTI PetroSmart’s automated vehicle
identification (AVI) solution, EasyFuelPlus, which uses NFC
technologies to identify, authorize and complete fueling transactions
for eligible vehicles.
The WEX payment processing service is a sophisticated, highly
configurable fuel and fleet payment solution, designed to meet the needs
of fleets and oil companies across the globe. Specifically designed for
managing and billing sales of petroleum products to commercial fleet
customers, the system includes device management, support for pre- and
postpaid host authorization, transaction processing, and accounting and
reporting functions.
OTI PetroSmart is positioned as the WEX VAR in Africa and has contracted
with Puma Energy to implement WEX in selected key markets, with an
initial focus on Southern Africa, where the solution is being
commissioned to coincide with the deployment of the EasyFuelPlus technology.
OTI PetroSmart provides extensive system integration services to the
project, serving as the data transfer layer facilitating the exchange of
information between IFCS and Puma’s ERP.
“Using EasyFuelPlus to minimize fuel fraud and effectively manage
fuel consumption, combined with IFCS, represents the next generation of
B2B fueling in our markets,” said Charlotte Hambly-Nuss, managing
director of OTI PetroSmart.
“WEX is pleased to join with OTI in offering fuel payment processing
solutions in Africa, enabling Puma Energy to differentiate their
offerings to commercial fleets across their markets,” said Fred Madeira,
WEX’s vice president of global fuel programs.
“Over the last couple of years, Puma Energy has embarked on a strategy
to standardize its retail site architecture to facilitate innovation. We
are excited about leveraging this site architecture to introduce a
premium B2B offer, with a view to helping our customers succeed and
thereby growing our market share in Africa,” said Alessio Torelli,
global head of retail for Puma Energy.
AboutWEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing 11 million vehicles and
offering exceptional payment security and control across a wide spectrum
of business sectors. WEX serves a global set of customers and partners
through its operations around the world, with offices in the United
States, Australia, New Zealand, Brazil, the United Kingdom, Italy,
France, Germany, Norway, and Singapore. WEX and its subsidiaries employ
more than 3,000 associates. The Company has been publicly traded since
2005, and is listed on the New York Stock Exchange under the ticker
symbol “WEX.” For more information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
About OTI
On Track Innovations (OTI) is a global leader in the design, manufacture
and sale of secure cashless payment solutions using contactless NFC
technology with an extensive patent and IP portfolio. OTI’s field-proven
innovations have been deployed around the world to address cashless
payment and management requirements for the Internet of Payment Things
(IoPT), wearables, automated retail and petroleum markets. OTI
distributes and supports its solutions through a global network of
regional offices and alliances. OTI is the proud recipient of the 2017
AI Award for Best Cashless Payment Solutions Provider – Israel. For more
information, visit www.otiglobal.com.
About Puma Energy
Puma Energy is a global integrated midstream and downstream oil company
active in 48 countries. Formed in 1997 in Central America, Puma Energy
has since expanded its activities worldwide, achieving rapid growth,
diversification and product line development. The company directly
manages over 8,000 employees. Headquartered in Singapore, it has
regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico),
Brisbane (Australia) and Tallinn (Estonia).
Puma Energy owns and operates a network of 101 storage terminals, with a
total capacity of 8.0 million m3, as well as more than 2,500
retail sites in Latin America, Africa and Asia Pacific, and is present
at 68 airports. In 2016, Puma Energy sold 22.0 million m3 of
oil products, and its facilities handled 19.7 million m3 of
petroleum products.
Puma Energy’s core activities in the midstream sector include the
supply, storage and transportation of petroleum products. Puma Energy’s
activities are underpinned by investment in infrastructure which
optimizes supply chain systems, capturing value as both asset owner and
marketer of product. Puma Energy’s downstream activities include the
distribution, retail sales and wholesale of a wide range of refined
products, with additional product offerings in the lubricants, bitumen,
LPG and marine bunkering sectors. Puma Energy also provides a robust
platform for independent entrepreneurs to develop their businesses, by
providing a viable alternative to traditional market supply sources.
Puma Energy Holdings Pte Ltd is rated Ba2 by Moody’s and BB by Fitch.
For further information visit: www.pumaenergy.com.
Safe Harbor for Forward-Looking Statements by OTI
This press release contains forward-looking statements within the
meaning 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. For example, we
are using forward-looking statements when we discuss our expectations
regarding our growth, revenues, profitability, plans for our existing
and new products and services, penetration of new markets and securing
new customers, position in the market, contributions of new or existing
regions or markets to our growth, strengthening of our balance sheet and
delivery long-term shareholder value. 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.
Forward-looking statements could be impacted by the effects of the
protracted evaluation and validation periods in the U.S. and other
markets for contactless payment cards, or new and existing products and
our ability to execute production on orders, as well as other risks and
uncertainties, including those discussed in the “Risk Factors” section
and elsewhere in our Annual Report on Form 10-K for the year ended
December 31, 2016, and in subsequent filings with the Securities and
Exchange Commission. Although we believe that the expectations reflected
in such forward-looking statements are based on reasonable assumptions,
we can give no assurance that our 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.
Safe Harbor for Forward-Looking Statements by WEX Inc.
This news release contains forward-looking statements, including
statements regarding: (i) WEX’s relationships with OTI and Puma and the
benefits of those relationships and (ii) expectations about the amount
of potential advantages of those relationships for WEX. Any statements
that are not statements of historical facts may be deemed to be
forward-looking statements. When used in this news release, the words
“may,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,”
“estimate,” “believe,” “expect” and similar expressions are intended to
identify forward-looking statements, although not all forward-looking
statements contain such words. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially, including: the effects of general economic
conditions on fueling patterns as well as payment and transaction
processing activity; changes in interest rates; the impact of
fluctuations in fuel prices; the effects of the Company’s business
expansion and acquisition efforts; competitive responses to any
acquisitions; uncertainty of the expected financial performance of the
combined operations following completion of an acquisition; the ability
to successfully integrate the Company’s acquisitions, including
Electronic Funds Source LLC’s operations and employees; the impact and
size of credit losses; the impact of changes to the Company’s credit
standards; breaches of the Company’s technology systems or those of our
third-party service providers and any resulting negative impact on our
reputation, liabilities or relationships with customers or merchants;
the Company’s failure to maintain or renew key agreements; failure to
expand the Company’s technological capabilities and service offerings as
rapidly as the Company’s competitors; failure to successfully implement
the Company’s information technology strategies and capabilities in
connection with its technology outsourcing and insourcing arrangements
and any resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or other
subsidiaries or affiliates; the uncertainties of litigation; as well as
other risks and uncertainties identified in Item 1A of our Annual Report
for the year ended December 31, 2016, filed on Form 10-K with the
Securities and Exchange Commission on March 6, 2017 and our Quarterly
Report on Form 10-Q for the three months ended March 31, 2017 filed with
the Securities and Exchange Commission on May 8, 2017. The Company’s
forward-looking statements do not reflect the potential future impact of
any alliance, merger, acquisition, disposition or stock repurchases. The
Company disclaims any obligation to update any forward-looking
statements as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171127005034/en/
Source: WEX Inc.
WEX news media contact:
Jessica Roy, +1 207-523-6763
VP,
Corporate Marketing & Communications
jessica.roy@wexinc.com
or
OTI
news media contact:
Richard Harris, +972-4-686-8004
Marketing
Manager
press@otiglobal.com