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On Track Innovations Ltd. Appoints Ofer Tziperman As CEO

Stocks in this article: OTIV

ROSH PINA, Israel, and ISELIN, N.J., March 11, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, today announced that the Board of Directors has appointed Ofer Tziperman as Chief Executive Officer, effective immediately.

Mr. Tziperman (50) brings over 20 years of managerial experience in the international high-tech industry. He originally joined OTI in 1995, where for nearly five years as VP Marketing and Sales he played a major role in turning OTI to an international organization with subsidiaries and distributors around the world. He was deeply involved in the Company's initial public offering in 1999 in Germany. Mr. Tziperman left OTI in 2000 to co-found LocatioNet Systems Ltd., where he served as its CEO and President. In this capacity he led LocatioNet Systems to become one of the pioneering technology providers in the Location-based Services market. During this period, Mr. Tziperman gained practical experience in monetizing the LocatioNet patents. Mr. Tziperman is an ex-attorney and practiced commercial and business law. He holds an LLB degree from the Faculty of Law at Tel Aviv University, and is graduated from the Israeli Navy's Naval Officers Academy. In 2001, the World Economic Forum honored him as a 'Technology Pioneer'.  

In 2011, Mr. Tziperman re-joined OTI to lead its global parking business as the President of PARX Ltd. Under his leadership, PARX has expanded its product portfolio from a single product to a full range of products, and quickly expanded on a global basis with commercial deployments in eight countries. He is a co-inventor of four new patent applications in the field of car parking.

"The Board and I are excited to announce the appointment of Ofer Tziperman to the role of CEO of OTI. By working together, the Board of Directors and the management team will implement a new strategy for growing the Company's businesses and building shareholder value," stated Chuck Gillman, Director of OTI. "Ofer possesses a wealth of relevant experience and strong market knowledge from which to draw upon as we build a team to accelerate the growth of OTI's various business units and maximize shareholder value."

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