On Track Innovations (OTIV) Shareholders Reject Election of Directors; Large Shareholder Calls for Election of New Directors
November 12 2012 - 4:15PM
Jerry Ivy, founder and chairman of IID LLC and the second largest
shareholder of On Track Innovations, LTD. (Nasdaq:OTIV), would like
to thank shareholders for taking action and voting AGAINST
management's proposed nominees for directors at the November 9th
shareholder meeting.
Ivy stated: "This vote is the first key step in effecting real
change at On Track Innovations. I, like many of you, strongly
believe in the technology that has been developed and patented by
this company. The current management has failed to see the
market and strategic partnerships that could make a real difference
in getting these products to consumers worldwide."
Mr. Ivy reiterated his support of the employees that have built
OTIV's intellectual property and products:
"The On Track Innovations employees and highly talented
engineering staff have done their part in building great
technology. They are vital to the company. With a new
board of directors in place, I believe we will be able to fully
execute on their vision of the technology they develop. These
great engineers have built a portfolio of over 100 patents and have
pioneered groundbreaking innovations in near field communication
(NFC). These employees deserve to see their achievements drive
the next generation of consumer and commercial devices."
Mr. Ivy called on the board of directors to consider his
nominees in a meeting of shareholders. On October
19, 2012, Mr. Ivy requested the Board to convene a general meeting
and to include on the agenda of such meeting, among other things,
the election of eight new nominees as directors.
On November 8, 2012, OTIV claimed that Mr. Ivy's demand for a
shareholder meeting to elect his nominees failed to comply with
Israeli law, so that, while the Company would consider some of his
proposals at a shareholder meeting set for December 13, 2012, the
meeting would not consider Mr. Ivy's proposed nominees.
Mr. Ivy stated: "I asked the company to call a special
meeting promptly to allow the shareholders a chance to vote on the
suggested board nominees. Regrettably, the incumbent board
members responded by refusing my request and denying the
shareholders the opportunity to be heard."
Ivy continued: "I am incredibly disappointed with the
board's actions, especially in light of the shareholder vote at
Friday's shareholder meeting. The board should
recognize they have lost the support of shareholders. While
the board may be able to delay the inevitable change in the
composition of the board, I am committed to allowing shareholders
the opportunity to vote on my nominees."
Ivy expressed his intent to continue working to increase
shareholder value and will release a video message later today to
shareholders that will be at www.otivinfo.com.
We do not have access to shareholder contact information.
Consequently, we are unable to directly reach out to you. If you
want us to contact you, please email your name and contact
information to otiv@markbeattylaw.com or call 877-777-4270.
Your support is very important, regardless of how many shares
you own. If you have any questions, please call our proxy
solicitors, Alliance Advisors at 877-777-4270, or go to
www.otivinfo.com. Please rest assured that all communication with
us and Alliance Advisors will not be shared with any party and will
be held in strict confidentiality.
CONTACT: otiv@markbeattylaw.com
Alliance Advisors at 877-777-4270
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