OTI Appoints Larry Susman as VP of Sales

ROSH PINNA, Israel, Feb. 27, 2017 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (OTI) (NASDAQ:OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today that Larry Susman has joined the Company as Vice President of Sales to further develop OTI’s growing portfolio of regional and international accounts.

Larry brings a wealth of industry experience having spent several years at Retalix, which was acquired by NCR, and other retail technology companies where Larry was instrumental in acquiring numerous large corporate accounts.

Larry joins OTI to boost its rapid growth momentum by targeting the world’s top retail companies as potential clients. “I am excited to manage and grow OTI’s international sales efforts, and further develop the Company’s already impressive range of products and solutions,” commented Larry Susman.

“With his deep industry knowledge and experience, Larry is a crucial addition to the OTI team, and we view his appointment as a sign of our continuing commitment to becoming the world’s leading payment industry company over the coming years,” stated Shlomi Cohen, OTI’s CEO.

“Our move away from hardware only, to a more solutions based offering, together with our continued growth driven by our innovative payment solutions, led us to find a person who can spearhead our international sales team. We are very fortunate to have found a person of Larry’s caliber to fulfill this role. I am very confident Larry will play a pivotal role in providing and implementing high quality solutions for our growing client base,” Cohen added.

About OTI

On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Things (IoT), wearables, unattended retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. For more information, visit 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. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2015, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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 Press Contact: Neil Barr Director of Marketing +972-4-686-8004 press@otiglobal.com

Source:On Track Innovations Ltd.