OTI Signs $7 Million Core Technology License Agreement

On Track Innovations Ltd. OTIV today announced its first non-exclusive license for core technologies within its proprietary portfolio of IP and patents amounting $7 million USD with a multibillion dollar corporation. OTI anticipates that the revenues from this agreement will be recorded in Q4 2011. Oded Bashan, OTI's Chairman and CEO, commented, "This agreement reflects the benefits of our expanded efforts to further leverage our proprietary technology and other intellectual property through licensing and partnership opportunities, and underscores the high value of our technology and solutions to third parties as demonstrated in this agreement, which covers a portion of our technology footprint and is focused on one particular vertical market."