ROSH PINA, Israel, Oct. 17, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. (" OTI") (Nasdaq:OTIV) issued the following letter to shareholders today:
Dear Fellow Shareholders, Considering all that has occurred in our business over the last year, I wanted to take this opportunity to affirm management's vision for On Track Innovations Ltd. ("OTI") and describe how we are achieving our goals. But I would like to start by addressing the proposals OTI's board brought to the 2012 Annual General Meeting of Shareholders. As an investor in OTI you are part of an exciting Israeli-technology company. As you know, I founded OTI which has originated from my vision and has turned into a lifetime project for me with tremendous commitment and determination. During this period I have built OTI from the ground up into a global leader of innovation in smart card technology. With over 100 patents, OTI has helped change the way people, companies and governments are able to interact across a number of mediums. We have harnessed the power of microchips and embedded them into everything from an ID to the nozzle of a gas pump in order to exchange and capture data for transactions. We believe the diversity of our solutions and the various markets we sell them in is a true strength for our business. During this period we have successfully overcome several economic crises while seeing some of our competitors fade away. It is also important to recognize the advantages of being an Israeli-based company, as we have access to a highly skilled experienced workforce. Israel has a long history of supporting high-tech companies that have successfully developed some of the most exciting consumer, business and military technologies used today. Our reputation as an Israeli company is a strong selling point for OTI when marketing payments and smart ID solutions, which are dependent on a high level of security. Proxy for 2012 Annual General Meeting OTI recently announced two new exciting nominees for our board of directors in its proxy statement for the 2012 annual general meeting of shareholders, Major General (Res.) Yossi Peled and Mr. Meir Nissensohn. Knowing and understanding the unique needs of OTI, the markets we sell to and operate in. I, together with OTI's management and the endorsement of our board, have put tremendous effort conducting an extensive search to identify new nominees. Throughout this search, we looked for nominees that are able to commit to the success of the company, provide relevant support to its current operations, together with contributing relevant experience, business connections and the ability to help position the company for future growth. We believe that both Mr. Peled and Mr. Nissensohn meet and exceed these criteria. Each brings vast experience in the public and private sector; they are well respected and can provide great value to the company and its shareholders. We believe that their addition to our board is essential and critical to the successful execution of management strategy to take our company to the next level. Major General (Res.) Yossi Peled, who has just retired from his position as a minister in the Israeli government, acted as a director in several publicly traded companies and brings unique experience with respect to security, counterterrorism and intelligence from his time in the armed forces, which has enabled him to become a security advisor to several countries. This, together with the ongoing personal support and commitment to high-tech industries in the northern part of Israel is a major asset for OTI's operations, marketing and sales efforts. Mr. Meir Nissensohn has held various positions in IBM Europe and IBM Israel over the last 40 years, during which he served 16 years as the Chairman and CEO of IBM Israel. In addition, Mr. Nissensohn has an extensive network, business and operations understanding, which will help OTI and its shareholders reach the next stage of growth. Given the quality of the nominees we have brought forward, it is especially disappointing to see that the campaign of attacks against myself and OTI's management by a dissident shareholder continues. These scurrilous attacks have created significant difficulties for us in bringing in new business and recruiting new talent, thereby hurting all shareholders.