OTI Announces That Oded Bashan Shall Act as Chairman Only
12 December 2012 - 3:45AM
On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), announced today
that as required under Israeli Companies Law 5759-1999, starting
December 12, 2012 Oded Bashan will continue to serve only as the
Chairman of the Board of Directors and not as Chairman and CEO.
Mr. Bashan has previously informed of his intention not to hold
both positions in a letter to shareholders sent on October 17 this
year. OTI is looking for a replacement.
About On Track Innovations Ltd.
(www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs, develops and markets
ID-credentialing, payment and loyalty applications based on its
extensive patent and IP portfolio. OTI combines standards-compliant
and state-of-the-art, contactless microprocessor-based technologies
and enabling hardware with proprietary software applications to
deliver high performance, end-to-end solutions that are secure,
robust and scalable. OTI solutions have been deployed around the
world to address homeland security, national ID, medical ID,
contactless payment and NFC solutions, loyalty applications,
petroleum payment, parking and mass transit ticketing. OTI markets
and supports its solutions through a global network of regional
offices and alliances.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
The content of website link mentioned or provided herein is not
part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Investor Relations:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com /grussell@kcsa.com
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