- Report of Foreign Issuer (6-K)
12 November 2008 - 10:21PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the month of
November, 2008
ON TRACK INNOVATIONS
LTD.
(Name of Registrant)
Z.H.R. Industrial Zone, P.O. Box 32, Rosh-Pina, Israel, 12000
(Address of Principal
Executive Office)
Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
o
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):
Yes
o
No
x
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
Yes
o
No
x
Indicate by check mark whether by
furnishing the information contained in this Form, the registrant is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
o
No
x
If Yes is marked,
indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
ON TRACK INNOVATIONS
LTD.
6-K ITEM
This report on Form 6-K is
incorporated by reference into On Track Innovations Ltd.s Registration Statement on
Form F-3 (Registration No. 333-111770), initially filed with the Securities and Exchange
Commission (the Commission) on January 8, 2004, its Registration Statement on
Form F-3 (Registration No. 333-115953), filed with the Commission on May 27, 2004, its
Registration Statement on Form F-3 (Registration No. 333-121316), filed with the
Commission on December 16, 2004, its Registration Statement on Form F-3 (Registration No.
333-127615), initially filed with the Commission on August 17, 2005, its Registration
Statement on Form S-8 (Registration No. 333-128106), filed with the Commission on
September 6, 2005, its Registration Statement on Form F-3 (Registration No. 333-130324),
filed with the Commission on December 14, 2005, its Registration Statement on Form F-3
(Registration No. 333-135742), filed with the Commission on July 13, 2006, its
Registration Statement on Form S-8 (Registration No. 333-140786) filed with the Commission
on February 20, 2007, its Registration Statement on Form F-3 (Registration No.
333-142320), filed with the Commission on April 24, 2007, its Registration Statement on
Form S-8 (Registration No. 333-149034) filed with the Commission on February 4, 2008, its
Registration Statement on Form S-8 (Registration No. 333-149575), filed with the
Commission on March 6, 2008 and its Registration Statement on Form F-3 (Registration No.
333-153667), filed with the Commission on September 25, 2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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ON TRACK INNOVATIONS LTD.
(Registrant)
By: /s/ Oded Bashan
Oded Bashan
Chief Executive Officer and Chairman
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Date: November 12, 2008
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Press Release
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Immediate Release
PARX, a subsidiary of
OTI, and Neos Tech Introduce EasyPark in Italy
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Initial
Installation in Northern City of Alessandria; Other Locations in Development
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Revenues
Generated from Both Product Sale & Transaction Fees
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Fort Lee, NJ November 11,
2008
On Track Innovations Ltd, (OTI) (NASDAQ-GM: OTIV), today announced that
its subsidiary, PARX Ltd., is introducing its parking solution which includes the
successful EasyPark in-vehicle electronic parking system in Italy, starting with the
northern city of Alessandria. PARX, which is responsible for marketing electronic parking
solutions in international markets, will manage the program with Neos Tech S.r.l, an
Italian company focused on public services, parking and IT. Neos Tech is responsible for
the marketing, sales, help desk, customer support, installation and all local services in
Italy.
Neos Tech has launched a marketing
and media campaign which includes radio, newspapers and consumer website
(www.neos-park.it
) to promote Neos Park, the Italian name for the parking system.
Piercarlo Fabbio, mayor of
Alessandria and Serafino Lai, Transportation Local Councilor, comment: We believe
that the initiative is a practical way to provide citizens with a useful tool to avoid any
daily hassles linked to searching for parking meters and change. Using the parking device
allows drivers to pay only for the exact time parked without risking fines.
Esther Cobos, CEO of Neos Tech S.r.l.
commented: We were looking for a city of the size of Alessandria and among those
contacted, the enthusiasm and the innovation of Alessandria made the difference. Neos Park
is in fact the only parking solution that uses the same technology as modern contactless
payments to both ensure the efficiency of parking operators and simplify the drivers
life.
Commenting on the transaction, Oded
Bashan, OTIs Chairman and CEO, said The project in Italy is another step in
our efforts to launch PARXs parking solutions in various global markets. These are
based on our patented technology, offering a user friendly, easy to operate solution with
a proven business case. The project in Italy is another example of our strategy of
focusing on projects that generate both product sales followed by growing high-margin
recurring revenues via transaction, licensing or royalty fees and service charges.
Using Neos Park the driver pays only
for the actual parked time. To activate Neos Park the driver turns on the contactless
unit, places it in the car window. Upon returning, the driver turns the device off. This
creates a uniquely convenient user experience by eliminating the need for cash, change,
and looking for parking meters. Neos Park can be used for both on-street parking payments
and for parking lots. Neos Park provides detailed reports to the municipality in order to
better manage and monitor parking patterns across town. The parking system is able to
support multiple rates, cities, tariffs in a modular, scalable and easy to implement way.
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About OTI
Established in 1990, OTI (NASDAQ- GM:
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 PARX
PARX Ltd. is a subsidiary of On Track
Innovations Ltd. (OTI) responsible for marketing, operating and distributing advanced
parking solutions, including the EasyPark
TM
product, in international markets.
Safe Harbor for
Forward-Looking Statements:
This press release contains
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 will, 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 OTIs 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
statements related to the expected revenues to be generated from the introduction of our
parking solutions in Italy. 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 OTIs 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.
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OTI Contact:
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Investor Relations
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Galit Mendelson
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Paul Holm
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Vice President of Corporate Relations
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portfoliopr
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201 944 5200 ext. 111
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212 888 4570
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galit@otiglobal.com
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paulh@portfoliopr.biz
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