×

On Track Innovations (OTIV) Shareholders Reject Election of Directors; Large Shareholder Calls for Election of New Directors

NEW YORK, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Jerry Ivy, founder and chairman of IID LLC and the second largest shareholder of On Track Innovations, LTD. (Nasdaq:OTIV), would like to thank shareholders for taking action and voting AGAINST management's proposed nominees for directors at the November 9th shareholder meeting.

Ivy stated: "This vote is the first key step in effecting real change at On Track Innovations. I, like many of you, strongly believe in the technology that has been developed and patented by this company. The current management has failed to see the market and strategic partnerships that could make a real difference in getting these products to consumers worldwide."

Mr. Ivy reiterated his support of the employees that have built OTIV's intellectual property and products:

"The On Track Innovations employees and highly talented engineering staff have done their part in building great technology. They are vital to the company. With a new board of directors in place, I believe we will be able to fully execute on their vision of the technology they develop. These great engineers have built a portfolio of over 100 patents and have pioneered groundbreaking innovations in near field communication (NFC). These employees deserve to see their achievements drive the next generation of consumer and commercial devices."

Mr. Ivy called on the board of directors to consider his nominees in a meeting of shareholders. On October 19, 2012, Mr. Ivy requested the Board to convene a general meeting and to include on the agenda of such meeting, among other things, the election of eight new nominees as directors.

On November 8, 2012, OTIV claimed that Mr. Ivy's demand for a shareholder meeting to elect his nominees failed to comply with Israeli law, so that, while the Company would consider some of his proposals at a shareholder meeting set for December 13, 2012, the meeting would not consider Mr. Ivy's proposed nominees.

Mr. Ivy stated: "I asked the company to call a special meeting promptly to allow the shareholders a chance to vote on the suggested board nominees. Regrettably, the incumbent board members responded by refusing my request and denying the shareholders the opportunity to be heard."

Ivy continued: "I am incredibly disappointed with the board's actions, especially in light of the shareholder vote at Friday's shareholder meeting. The board should recognize they have lost the support of shareholders. While the board may be able to delay the inevitable change in the composition of the board, I am committed to allowing shareholders the opportunity to vote on my nominees."

Ivy expressed his intent to continue working to increase shareholder value and will release a video message later today to shareholders that will be at www.otivinfo.com.

We do not have access to shareholder contact information. Consequently, we are unable to directly reach out to you. If you want us to contact you, please email your name and contact information to otiv@markbeattylaw.com or call 877-777-4270.

Your support is very important, regardless of how many shares you own. If you have any questions, please call our proxy solicitors, Alliance Advisors at 877-777-4270, or go to www.otivinfo.com. Please rest assured that all communication with us and Alliance Advisors will not be shared with any party and will be held in strict confidentiality.

CONTACT: otiv@markbeattylaw.com Alliance Advisors at 877-777-4270Source:IID LLC

More From Press Releases