ROSH PINA, Israel, June 12,
2019 /PRNewswire/ -- On Track Innovations Ltd.
(Nasdaq: OTIV) (the "Company" or "OTI"), a global
provider of near field communication (NFC) and cashless payment
solutions, today announced that its Chief Executive Officer
("CEO") and member of the Board of Directors, Mr.
Shlomi Cohen, will step down from
the position of CEO by the end of 2019 and will then assume the
role of Chairperson of the Board. The Company has initiated the
process of recruiting a new Chief Executive Officer.
After 4 years as OTI's CEO during one of the most challenging
times of the Company's history, Mr. Cohen will be nominated as the
OTI's Chairperson of the Board. In connection with this role, Mr.
Cohen will undertake to actively support OTI management and provide
other services as the OTI Board may request from him. Subject to
approval by the Company's shareholders, the transition will be
effective January 1, 2020.
During the past 4 years, Mr. Cohen has led a turnaround within
OTI, focusing on core assets and strengths, while cutting the
Company's debt materially, and increasing gross margins. He has
implemented a new strategy for the coming years with more focus on
the cashless payment activities and moving from being a product
company to a solution company.
"Shlomi has been doing fantastic work in the last few years
within OTI and was able to create a dramatic change that we believe
will lead OTI into a new era of growth over the coming years," said
Scott Medford, the Company's current
Chairperson of the Board. "I am very pleased that Shlomi accepted
our nomination as next Chairperson of the Board. His experience and
his knowledge will support the future development of OTI and we
expect that a new CEO that will join us before the end of this
year, will build on Shlomi's success and lead OTI to stable
profitability and healthy revenue acceleration," said Mr. Medford.
After stepping down from the position of Chairperson of the Board,
Mr. Medford is expected to continue to serve as a
Director.
About On Track Innovations Ltd
On Track Innovations
(OTI) is a global leader in the design, manufacture, and sale of
secure cashless payment solutions using contactless NFC technology.
OTI's field-proven innovations have been deployed around the world
to address cashless payment, automated retail and petroleum
markets. OTI distributes and supports its solutions through a
global network of regional offices and alliances. OTI is the proud
recipient of the 2017 AI Award for Best Cashless Payment Solutions
Provider – Israel. For more
information, visit www.otiglobal.com, the content of which does not
form a part of this press release.
Safe Harbor / Forward-Looking Statements
This press
release contains express or implied 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 "will," "look forward," "expect," "anticipate," "intend,"
"plan," "estimate," "believe," "should," "can" or similar
expressions, we are making forward-looking statements. For example,
we are using forward-looking statements when we discuss, among
others: the Company's expectations to recruit a new chief executive
officer by the end of 2019, the effectiveness of Mr. Cohen's role
as chairperson of the Board, which is subject to shareholder
approval of his terms of compensation, and the expectation that the
Company will grow and accelerate revenues. Additional factors that
could cause actual results to differ materially from those
anticipated by our forward-looking statements are stated under the
captions "Risk Factors" in our most recent Annual Report
(Form 10-K) and other known and unknown uncertainties and risk
factors including those detailed from time to time in the Company's
filings with the Securities and Exchange Commission.
Forward-looking statements are made as of the date of this release,
and we expressly disclaim any obligation or undertaking to update
forward-looking statements. The reader is cautioned not to place
undue reliance on forward-looking statements.
Press
Contact:
Richard Harris,
OTI
Director of
Marketing
+972-4-686-8004
press@otiglobal.com
|
Investor Relations
Contact:
Gavriel
Frohwein
GK Investor &
Public Relations
+1-646-688-3559
oti@gkir.com
|
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SOURCE On Track Innovations Ltd. (OTI)