ROSH PINA, Israel, Dec. 24, 2012 (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, announced today that its Chairman and President & CMO, Oded Bashan and Ohad Bashan, respectively, submitted on December 23, 2012 letters of resignation, resigning from their respective positions with OTI and its subsidiaries, effective June 23, 2013, which is the last date of the advance notice period according to their employment contracts. Mr. Oded Bashan will retain his role as a director on OTI's board. Both Oded Bashan and Ohad Bashan have played a major and critical role in building OTI and executing its strategy over the years. Mr. Oded Bashan founded OTI about 23 years ago and managed it since then. Under Mr. Bashan leadership and execution OTI turned from a small startup company to a global technology leader in the contactless smart card industry. Mr. Ohad Bashan joined the company 16 years ago and served in several positions. In the last 5 years Mr. Bashan acted as the President and CMO of OTI and the CEO of OTI America. Among other things, Mr. Bashan established OTI America, was responsible for the global marketing strategy of the company and played a pivotal role in building OTI's team, distribution channels and strategic partnerships. The Company expects to fill the vacancies left by the resignations of Messrs. Oded Bashan and Ohad Bashan by or before June 23, 2013, including the position of Chief Executive Officer, which became vacant on December 12, 2012 as reported earlier this month. 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.