SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

January 06, 2016 16:00 ET

oti Initiates Search for New CFO

ROSH PINA, ISRAEL--(Marketwired - Jan 6, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has initiated a search for a new CFO to succeed Shay Tomer, who is planning to leave the company after nine years to pursue other interests. Tomer will continue to serve as CFO until the earlier of July 4, 2016 or until his successor is hired.

"We would like to thank Shay for his dedication and valuable contributions to oti over the last nine years, as well as for assisting in a smooth transition," said oti's CEO, Shlomi Cohen. "Since I joined the company last year, Shay has been instrumental in effectively reducing expenses and optimizing our cost structure. This has resulted in a leaner, more efficient organization, and has set the stage for executing our new growth plan in 2016."

Tomer commented: "I want to express my continued support of oti and its outlook for growth and expansion in global NFC and cashless payments markets. I remain fully committed to oti as we pursue the transition to a new CFO."

About oti
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 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.

Safe Harbor for 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.

Contact Information

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