Shareholder of On Track Innovations (OTI) Urges Other Shareholders to Vote Against Management's Nominees for Board of Directors
NEW YORK, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Jerry Ivy, the second largest shareholder of On Track Innovations Ltd. ("OTI") (Nasdaq: OTIV), called on shareholders to vote AGAINST management's proposed nominees as directors.
Ivy noted that, although OTI is a global leader in contactless smart card solutions for homeland security, NFC payments, electronic passports, national IDs, and petroleum payments, OTI's stock has declined 83% over the past five years. After 22 years, the company has yet to make a profit.
In a video released today, https://vimeo.com/52133520, Ivy observed that OTI staff and engineers have been operating at the forefront of innovation and are responsible for development of more than 100 patents. Ivy commented that it is time to translate all that hard work into a rising stock price.
"I understand how the employees of OTI could be demoralized by the current low stock price. A low stock price sends the WRONG message to the outstanding engineers and other staff at OTI. But there is someone else that is getting the wrong message…someone else that is concerned about the implications of our low stock price…that someone is our CUSTOMERS," states Jerry.
Ivy's vision is to help keep OTI as a strong, exciting, and growing company. To realize this vision, shareholders need to vote against the incumbent directors, so that shareholders have the opportunity to elect a slate of more qualified directors.
Ivy noted that OTI Shareholders will receive this week a proxy for the Annual General Meeting of shareholders to be held on November 9, 2012. In order to bring about change, Ivy urges SHAREHOLDERS TO VOTE "AGAINST" the three director nominees. Ivy noted that he had submitted notice to OTI requesting a shareholder meeting to consider the election of his slate of directors. Voting "AGAINST" will permit shareholders to consider that slate at a future date.
Every vote is very important, regardless of how many shares are owned. To read more about this issue go to WWW.OTIVINFO.COM .