OTI Reports on Status of U.S. Electronic Passport Project
31 July 2006 - 10:00PM
PR Newswire (US)
FORT LEE, N.J., July 31 /PRNewswire-FirstCall/ -- On Track
Innovations Ltd., (OTI) (NASDAQ:OTIV), a global leader in
contactless microprocessor- based smart card solutions for homeland
security, payments and other applications, reported that the
Government Printing Office (GPO) has notified OTI that it has been
eliminated from the group of vendors being considered for the
United States Government's Electronic Passport program. OTI intends
to appeal the decision. As previously reported, in December 2005
the United States Court of Federal Claims in Washington, D.C. found
in favor of OTI America, Inc. ("OTI"), in OTI's protest against the
Government Printing Office's ("GPO") earlier elimination of OTI
from the competition and ordered for OTI to be reinstated.
Originally, OTI, along with several other firms, received an
individual contract with the GPO, under which the GPO was testing
and evaluating sample Electronic Passports, prior to selecting the
winner. According to Oded Bashan, President & CEO, "OTI is
obviously disappointed with the GPO decision and strongly disagree
with the grounds for such. We are confident in the superiority of
our product and we are continuing with the appeal process." 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 Company of the Year Award
in the field of smart cards. For more information on OTI, visit
http://www.otiglobal.com/. Safe Harbor for Forward-Looking
Statements: 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. 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. 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, 2005, 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. 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
Contact: Media Relations Galit Mendelson Adam Handelsman Director
of Corporate Communications 5W Public Relations 201 944 5200 ext.
111 212 999 5585 DATASOURCE: On Track Innovations Ltd. CONTACT:
Galit Mendelson, Director of Corporate Communications of OTI,
+1-201-944-5200 ext. 111, ; or Adam Handelsman of 5W Public
Relations, +1-212-999-5585, Web site: http://www.otiglobal.com/
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