OTI Appoints Chairman of the Board Dimitrios Angelis as CEO of OTI America and Jerry Ivy to OTI's Board of Directors
January 06 2014 - 8:30AM
Marketwired
OTI Appoints Chairman of the Board Dimitrios Angelis as CEO of OTI
America and Jerry Ivy to OTI's Board of Directors
ROSH PINA, ISRAEL--(Marketwired - Jan 6, 2014) - On Track
Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in cashless
payment solutions based on contactless transactions and near-field
communication (NFC), has appointed its board chairman, Dimitrios
Angelis, Esq., as CEO of its U.S. subsidiary, OTI America, Inc.
In addition to his other responsibilities at OTI, Angelis will
personally oversee the monetization of the company's intellectual
property. As an accomplished attorney and corporate executive, he
will work closely with OTI's consulting and legal teams to execute
on the company's long-term IP assertions and monetization plan.
Over the last 20 years, OTI's engineers have built an extensive
IP portfolio that consists of more than 100 U.S. and foreign issued
and pending patents. The portfolio covers various technologies,
including NFC, contactless payments, and municipal parking
management.
"Dimitrios' new full time role marks another positive strategic
step for OTI," said Ofer Tziperman, the company's CEO. "With
Dimitrios focused on our IP monetization efforts, including our
lawsuit against T-Mobile USA, I can now focus solely on building
our core cashless payments business. Given our significant
competitive advantages, we have an extraordinary opportunity to
capitalize on the fast growing, multi-billion dollar NFC and
cashless payments markets."
In its recent annual shareholders meeting, OTI also appointed
the largest private shareholder, Jerry Ivy, to its board of
directors effective December 6, 2013. Ivy brings to OTI's board his
valuable and successful experience in diverse industries over the
past three decades.
Angelis added: "Jerry brings to our board more than 30 years of
experience. As a major long-term shareholder, Jerry's participation
on our board strengthens our new leadership team. He shares our
positive outlook for OTI's growth and global opportunities, and we
look forward to benefiting from his perspective and guidance as we
work to maximize the long-term value of the company."
About OTI OTI Ltd. (OTI) is a leader in contactless and NFC
applications based on its extensive patent and IP portfolio. OTI's
field-proven innovations have been deployed around the world to
address NFC and cashless payment solutions, petroleum payment and
management, cashless parking fee collection systems and mass
transit ticketing. OTI markets and supports its solutions through a
global network of regional offices and alliances. For more
information, visit www.otiglobal.com.
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. 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. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and
elsewhere in OTI's annual report on Form 20-F for the year ended
December 31, 2012 and in subsequent filings with the Securities and
Exchange Commission. 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.
Investor Contact: Scott Liolios or Matt Glover Liolios Group,
Inc. 949-574-3860 Email
Contact
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