Glass Lewis Recommends OTI Shareholders Vote FOR OTI's Nominees for the Board of Directors and Independent Auditor
ROSH PINA, Israel, Nov. 2, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq: OTIV) today announced that Glass, Lewis & Co. LLC ("Glass Lewis"), one of the leading independent proxy advisory firms advising institutional investors, has recommended that OTI shareholders vote FOR all three director nominees being brought for election to the OTI Board of Directors (the "Board"), as well as FOR KPMG / Somekh Chaikin to serve as the Company's independent auditor for 2012.
In its report, Glass Lewis noted, "We do not believe there are substantial issues for shareholder concern as to any of the nominees. Accordingly, we recommend that shareholders vote FOR all nominees."
In its proxy statement for the 2012 annual general meeting of shareholders, OTI announced three director nominees for the Board, Major General (Res.) Yossi Peled, Mr. Meir Nissensohn, and Dr. Ora Setter to serve as external directors.
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs, develops and markets ID-credentialing, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines standards-compliant and state-of-the-art, contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, contactless payment and NFC solutions, loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.
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* No permission to use Glass Lewis report was either sought or received for this press release.
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