SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

April 14, 2015 16:05 ET

oti Engages Houlihan Lokey to Explore Strategic Alternatives

ROSH PINA, ISRAEL--(Marketwired - Apr 14, 2015) - The board of directors of On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has engaged the international investment bank, Houlihan Lokey, to undertake a comprehensive review and prepare a detailed assessment of oti's operations and strategic alternatives, including its intellectual property portfolio.

A range of options which could be identified by Houlihan includes acquisitions or dispositions of assets, joint ventures and strategic investments, as well as the continued execution of the company's current business plan.

oti has not set a timetable for completion of its strategic review process, and does not plan to comment further regarding the review process unless or until a specific transaction is approved by its board of directors or shareholders, or it is otherwise determined that further disclosure is appropriate or required by law. oti provides no assurance that the strategic review process will result in any transaction.

About oti
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 and other cashless payment solutions, 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. For more information, visit www.otiglobal.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2014, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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. The content of the web site links in the PR do not form part of it.

Contact Information

  • oti Investor Contact:
    Scott Liolios or Matt Glover
    Liolios Group, Inc.
    949-574-3860
    Email Contact