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.”
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.