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TheStreet Open House

OTI Announces That Oded Bashan Shall Act As Chairman Only

Stocks in this article: OTIV

ROSH PINA, Israel, Dec. 11, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), announced today that as required under Israeli Companies Law 5759-1999, starting December 12, 2012 Oded Bashan will continue to serve only as the Chairman of the Board of Directors and not as Chairman and CEO.

Mr. Bashan has previously informed of his intention not to hold both positions in a letter to shareholders sent on October 17 this year. OTI is looking for a replacement.

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.

The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736

The content of website link mentioned or provided herein is not part of this press release.

CONTACT: OTI Contacts:
         Galit Mendelson
         VP, Corporate Relations
         732 429 1900 ext. 111
         galit@otiglobal.com
         
         Investor Relations:
         Todd Fromer / Garth Russell
         KCSA Strategic Communications
         212-896-1215 / 212-896-1250
         tfromer@kcsa.com /grussell@kcsa.com

OTI Logo

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