Glass Lewis Recommends OTI Shareholders Vote FOR OTI's Nominees for the Board of Directors and Independent Auditor
November 02 2012 - 3:05PM
On Track Innovations Ltd. ("
OTI") (Nasdaq:OTIV)
today announced that Glass, Lewis & Co. LLC ("Glass Lewis"),
one of the leading independent proxy advisory firms advising
institutional investors, has recommended that OTI shareholders vote
FOR all three director nominees being brought for election to the
OTI Board of Directors (the "Board"), as well as FOR KPMG / Somekh
Chaikin to serve as the Company's independent auditor for 2012.
In its report, Glass Lewis noted, "We do not believe there are
substantial issues for shareholder concern as to any of the
nominees. Accordingly, we recommend that shareholders vote FOR all
nominees."
In its proxy statement for the 2012 annual general meeting of
shareholders, OTI announced three director nominees for the Board,
Major General (Res.) Yossi Peled, Mr. Meir Nissensohn, and Dr. Ora
Setter to serve as external directors.
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.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
* No permission to use Glass Lewis report was either sought or
received for this press release.
The content of websites or website links mentioned or provided
herein are not part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Investor Relations:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com /grussell@kcsa.com
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