ROSH PINA, Israel, April 30, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, today announced that the board of directors has elected Dimitrios Angelis to serve as its chairman and to replace Oded Bashan, who retains a seat on the board. Mr. Angelis brings a wealth of strategic, legal and business acumen to the chairmanship. He has over a decade of experience as an accomplished attorney, negotiator, and general counsel to public as well as private companies.
Mr. Angelis' appointment as chairman marks the start of a new chapter for On Track Innovations ("OTI"). The Board will aggressively pursue value for shareholders through each of its operating units and also through its patents and intellectual property.
The board believes a level of legal sophistication is needed to more aggressively maximize the financial benefit to shareholders of its patents and intellectual property. The board anticipates there will be several upcoming complex negotiations for licensing arrangements and potentially some legal actions to protect OTI's patent rights.
On May 7th and 9th, OTI will be involved in Markman Claim Construction Hearings in U.S. District Court in New York where OTI is a plaintiff alleging patent infringement. OTI will continue to protect its intellectual property and will push to maximize the value that OTI delivers to each of its shareholders.
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.
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions 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. 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. For example, forward-looking statements include statements regarding OTI's board's plans to look for ways and successfully implement them to maximize the financial benefit to OTI's shareholders taking advantage of OTI's patents and intellectual property and the potential entry into licensing arrangements with respect to OTI's patents and the potential of successfully taking legal actions to protect OTI's patent rights. Forward-looking statements could be impacted by market acceptance of new and existing products and OTI's ability to actually execute production or delivery of such orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2011, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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.
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CONTACT: Galit Mendelson VP, Corporate Relations 732 429 1900 ext. 111 firstname.lastname@example.org
Source:On Track Innovations Ltd.