LSI Industries Awarded, and Completes, Multimillion-Dollar ExxonMobil Contactless Payment, Near Field Communication Project

Rhea-AI Summary

LSI Industries (NASDAQ: LYTS) has nearly completed a multimillion-dollar contactless payment project for ExxonMobil, enhancing payment options at over 11,500 stations in North America. This project includes the implementation of NFC technology that supports Apple Pay, Google Pay, and the ExxonMobil Rewards+ app. LSI is recognized for its capability in managing complex, multi-location projects. The initiative reflects the growing consumer demand for contactless payments, providing secure transaction methods for ExxonMobil customers. Follow-up activities will continue through February 2021.

Positive

• Completion of a multimillion-dollar project for ExxonMobil enhances LSI's reputation and revenue potential.
• Implementation of NFC technology supports Apple Pay and Google Pay, aligning with consumer preferences for contactless payments.

Negative

• None.

CINCINNATI, Jan. 25, 2021 (GLOBE NEWSWIRE) -- LSI Industries (NASDAQ: LYTS), a leading U.S. based manufacturer of indoor and outdoor lighting and graphics solutions, said today that it has substantially completed a multimillion-dollar “Pay at the Pump” contactless payment project for ExxonMobil, a long-standing customer of LSI.

Awarded in 2020, the highly-complex, multi-location project involved the on-site analysis of more than 11,500 ExxonMobil stations throughout North America and the production and installation of a series of labels and QR coded graphics with embedded Near Field Communication (NFC) capabilities allowing the use of Apple Pay and Google Pay at the pump along with support for the ExxonMobil Rewards+ app.

“ExxonMobil is one of the largest companies in the world, and we are honored that they chose LSI to play a critically important role in their groundbreaking contactless payment initiative,” said Jim Clark, President and CEO of LSI Industries. “We appreciate the confidence and trust we’ve earned over many years of service to ExxonMobil, qualities that, along with our extensive product line and project management capabilities, significantly differentiate LSI in the marketplace.”

“LSI has a proven track record, and is built in part to manage extremely complex, multi-location projects such as ExxonMobil’s NFC rollout,” said Robin Hood, Executive Vice President of LSI. “In addition to performing thousands of on-site activations nationwide, the LSI team meticulously coordinated with ExxonMobil, Apple and Google to develop site-specific kits of NFC labels and associated decals – each needing to be applied in the proper location and sequence within the space available on a myriad of different fueling pumps across America.”

Driven by consumer demand for contactless payment options, the QR code and NFC technology at the pump allows customers to make secure transactions, exchange digital content and connect electronic devices using a mobile device. With NFC, ExxonMobil customers can use their smartphones and tablets to authorize their purchases and manage their applicable payment reward programs using the Apple Pay, Google Pay and ExxonMobil Rewards+ platforms.   The project is substantially complete, with various follow-up activities expected through February of this year.

About LSI Industries, Inc.
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI Industries is a leading producer of high-performance, American-made lighting and graphic solutions. The Company’s strength in these applications creates opportunities for it to introduce additional solutions to its valued customers. LSI’s indoor and outdoor products and services, including its digital and print graphics capabilities, are valued by architects, engineers, distributors and contractors for their quality, reliability and innovation. The Company’s products are used extensively in automotive dealerships, fueling stations, quick service restaurants, grocery stores and pharmacies, retail establishments, sports complexes, parking lots and garages, and commercial and industrial buildings. LSI has approximately 1,100 employees at seven manufacturing plants in the United States, including its corporate headquarters. Additional information about LSI is available at www.lsicorp.com.

Forward-Looking Statements:
For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit https://investors.lsicorp.com as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

Contacts:

Investors:
Noel Ryan, IRC
720.778.2415
LYTS@vallumadvisors.com

Media:
Mike Wallner
Senior Manager, Communications
513.372.3417
mike.wallner@lsicorp.com

FAQ

What is the contactless payment project by LSI Industries for ExxonMobil?

LSI Industries is completing a multimillion-dollar contactless payment project for ExxonMobil, enabling payment options at over 11,500 stations.

How does the NFC technology work at ExxonMobil stations?

NFC technology allows ExxonMobil customers to use mobile devices for secure transactions and manage their reward programs via Apple Pay, Google Pay, and ExxonMobil Rewards+.

What is the significance of LSI's project for its business?

The project strengthens LSI's reputation as a capable provider for complex, multi-location projects, potentially leading to more business opportunities.

When are follow-up activities expected for the LSI and ExxonMobil project?

Follow-up activities related to the project are expected to continue through February 2021.