On Track Innovations Ltd.
("OTI") OTIV, a global leader in contactless microprocessor-based
smart card solutions for homeland security, payments, eID Systems and other
applications, announced today that its Chairman and President & CMO, Oded
Bashan and Ohad Bashan, respectively, submitted on December 23, 2012 letters
of resignation, resigning from their respective positions with OTI and its
subsidiaries, effective June 23, 2013, which is the last date of the advance
notice period according to their employment contracts. Mr. Oded Bashan will
retain his role as a director on OTI's board.
The Company expects to fill the vacancies left by the resignations of Messrs.
Oded Bashan and Ohad Bashan by or before June 23, 2013, including the position
of Chief Executive Officer, which became vacant on December 12, 2012 as
reported earlier this month.
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