OTI Announces Share Repurchase Program
02 December 2008 - 12:08AM
PR Newswire (US)
Board of Directors authorizes share repurchase; Company to seek
court approval FORT LEE, N.J., Dec. 1 /PRNewswire-FirstCall/ -- On
Track Innovations Ltd (OTI) (NASDAQ:OTIV), a global leader in
contactless microprocessor-based smart card solutions for homeland
security, payments, petroleum payments and other applications,
today announced that its Board of Directors has authorized the
repurchase of its shares in a total aggregate amount not to exceed
$5 million. The timing and the amounts purchased are to be
determined by the Company, and the purchases may occur in the open
market or in negotiated or block transactions, all subject to
regulatory requirements. Under Israeli law, the program requires
court approval. Accordingly, OTI will file an application with the
District Court in Tel Aviv, Israel in the next few weeks, to
approve the repurchase by the Company of up to $5 million of its
ordinary shares. "The strength of our balance sheet allows us to
support current and future opportunities while increasing
shareholder's value," said Oded Bashan, Chairman and CEO of OTI.
"We want to assure that we have the ability to capture value that
in our belief is not reflected in our shares at current prices."
The Company does not intend to repurchase shares from management or
other insiders. The specific terms of the repurchase program are
yet to be determined. However, it was determined that the Company
is not obligated to acquire any specific number of shares, and the
program may be suspended or discontinued at any time. 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 and 2006 Company of the
Year Award in the field of smart cards. For more information on
OTI, visit http://www.otiglobal.com/, the content of which is not
part of this press release. Safe Harbor for Forward-Looking
Statements: This press release may contain 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 "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, when we say that we will file an
application for court approval for our proposed share repurchase
program, or that the strength of our balance sheet allows us to
support current and future opportunities while increasing
shareholder's value, or that we want to assure that we have the
ability to capture value that in our belief is not reflected in our
shares at current prices, we are using a forward looking statement.
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, 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. OTI
Contact: Investor Relations Galit Mendelson Paul Holm Vice
President of Corporate Relations portfoliopr 201 944 5200 ext. 111
212 888 4570 DATASOURCE: On Track Innovations Ltd. CONTACT: Galit
Mendelson, Vice President of Corporate Relations for OTI,
+1-201-944-5200 ext. 111, ; or Investor Relations, Paul Holm of
portfoliopr for OTI, +1-212-888-4570, Web Site:
http://www.otiglobal.com/
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