OTI Starts to Repurchase Ordinary Shares as Part of Its Repurchase Program
June 03 2010 - 8:30AM
On Track Innovations Ltd (OTI) (Nasdaq:OTIV), a global leader in
contactless microprocessor-based smart card solutions for homeland
security, payments, petroleum payments and other applications,
today announced that it has commenced the repurchase of its
ordinary shares. The share repurchase is the implementation of the
program authorized by OTI's Board of Directors and approved by the
Israeli District court to repurchase ordinary shares in a total
amount of up to $2 million. As reported previously, OTI is not
obligated to acquire any specific number of shares, and the program
may be suspended or discontinued at any time.
About OTI
Established in 1990, OTI (Nasdaq:OTIV) designs, develops and
markets secure contactless microprocessor-based smart card
technology to address the needs of a wide variety of markets.
Applications developed by OTI include product solutions for
petroleum payment systems, homeland security solutions, electronic
passports and IDs, payments, mass transit ticketing, parking and
loyalty programs. OTI has a global network of regional offices to
market and support its products. The company was awarded the Frost
& Sullivan 2005 and 2006 Company of the Year Award in the field
of smart cards.
For more information on OTI, visit www.otiglobal.com, the
content of which is not part of this press release.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
Safe Harbor for
Forward-Looking Statements:
This press release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Whenever we use words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or similar expressions,
we are making forward-looking statements. Because such statements
deal with future events and are based on OTI's current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of OTI could differ
materially from those described in or implied by the statements in
this press release. Forward-looking statements could be impacted by
market acceptance of new and existing products and our ability to
execute production on orders, as well as the other risk factors
discussed in OTI's Annual Report on Form 20-F for the year ended
December 31, 2009, which is on file with the Securities and
Exchange Commission. Although OTI believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. Except as otherwise required by law,
OTI disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date hereof,
whether as a result of new information, future events or
circumstances or otherwise.
CONTACT: On Track Innovations Ltd.
Galit Mendelson, Vice President of Corporate Relations
201 944 5200 ext. 111
galit@otiglobal.com
MS-IR LLC
Investor Relations:
Miri Segal
917-607-8654
msegal@ms-ir.com
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