ROSH PINA, Israel, Dec. 6, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV) announced today that on December 3, 2012, it received a NASDAQ Staff Deficiency Letter (the "NASDAQ Letter") notifying that OTI fails to comply with the majority independent board and audit committee requirements for continued listing on the NASDAQ Stock Market under Listing Rules 5605(b)(1) and 5605(c)(2), respectively.
Listing Rule 5605(b)(1) requires that a majority of a listed company's board of directors be comprised of independent directors, and Listing Rule 5605(c)(2) requires a listed company to have an audit committee comprised of at least three independent members. OTI's board of directors currently consists of three members, only one of which is an independent director.
The NASDAQ Letter provides that OTI has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant an extension of up to 180 calendar days from the date of the NASDAQ Letter for OTI to demonstrate compliance.
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CONTACT: OTI Contacts: Galit Mendelson VP, Corporate Relations 732 429 1900 ext. 111 email@example.com Investor Relations: Todd Fromer / Garth Russell KCSA Strategic Communications 212-896-1215 / 212-896-1250 firstname.lastname@example.org /email@example.com
Source:On Track Innovations Ltd.