ROSH PINA, Israel, May 31, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for NFC payments, eID Systems and other applications, today announced that Mr. Shay Tomer has been appointed Chief Financial Officer of the Company, effective June 1, 2013, replacing Ms. Tanir Horn-Wekselman.
Mr. Tomer, 35, is a Certified Public Accountant in Israel and joined OTI in 2007 acting first as a controller at its headquarters in Israel and then as deputy CFO since 2008. Among his responsibilities were consolidation of the global quarterly and annually reports, planning a global budget for each of the subsidiaries, implementation of Sarbanes-Oxley compliance and managing the company's cash flow. Prior to OTI, Mr. Tomer was at Ernst & Young's audit department and was a lecturer and instructor in accounting on the Open University of Israel. Mr. Tomer holds a B.A. in Accounting and Economics from the University of Haifa.
Mr. Tomer replaces Ms. Tanir Horn-Wekselman, who will leave the Company after six years of dedicated service.
"Shay's deep knowledge and understanding of OTI, its subsidiaries around the world and its financial needs gives him a solid platform for the job of Chief Financial Officer," said Ofer Tziperman, Chief Executive Officer of the Company. "We look forward to working with him as part of the Company's management team and as we are shaping the new strategy for the Company."
"Tanir has done a very good and professional job as Chief Financial Officer of the Company for the last four and a half years. I am pleased that Tanir will be available to assist the Company during the transition between CFOs, thank her for her contribution to the Company and wish her success in all of her future endeavors," continued Mr. Tziperman.
About On Track Innovations Ltd.
On Track Innovations Ltd. ("OTI") is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address NFC payment solutions, national electronic ID systems, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances. Visit the website: www.otiglobal.com.
The content of OTI's website mentioned above is not part of this press release.
CONTACT: Galit Mendelson VP, Corporate Relations 732 429 1900 ext. 111 firstname.lastname@example.org
Source:On Track Innovations Ltd.