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.
About WEX 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/
WEX news media contact:Jessica Roy, +1 207-523-6763VP,
Corporate Marketing &
Communicationsjessica.roy@wexinc.comorOTI news media
contact:Richard Harris, +972-4-686-8004Marketing
Managerpress@otiglobal.com
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