ROSH PINA, Israel, Dec. 11, 2012 (GLOBE NEWSWIRE) -- 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.
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CONTACT: OTI Contacts: Galit Mendelson VP, Corporate Relations 732 429 1900 ext. 111 firstname.lastname@example.org Investor Relations: Todd Fromer / Garth Russell KCSA Strategic Communications 212-896-1215 / 212-896-1250 email@example.com /firstname.lastname@example.org
Source:On Track Innovations Ltd.