OTI Announces Share Repurchase Program

Board of Directors authorizes share repurchase; Company to seek court approval
On Track Innovations Ltd (OTI), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that its Board of Directors has authorized the repurchase of its shares in a total aggregate amount not to exceed $5 million. The timing and the amounts purchased are to be determined by the Company, and the purchases may occur in the open market or in negotiated or block transactions, all subject to regulatory requirements.

Under Israeli law, the program requires court approval. Accordingly, OTI will file an application with the District Court in Tel Aviv, Israel in the next few weeks, to approve the repurchase by the Company of up to $5 million of its ordinary shares.

"The strength of our balance sheet allows us to support current and future opportunities while increasing shareholders value," said Oded Bashan, Chairman and CEO of OTI. "We want to assure that we have the ability to capture value that in our belief is not reflected in our shares at current prices."

The Company does not intend to repurchase shares from management or other insiders. The specific terms of the repurchase program are yet to be determined. However, it was determined that the Company 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, loyalty programs and secure campuses. 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.
On Track Innovations Ltd (OTI)
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