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On Track Innovations Promotes Interim CFO, Assaf Cohen, to Permanent CFO

ROSH PINNA, Israel, Feb. 27, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has promoted interim CFO, Assaf Cohen, to the permanent Chief Financial Officer position, effective immediately.


Mr. Assaf Cohen has been serving in the role of Corporate Controller and deputy CFO at OTI since 2015, where he has been responsible for the finance departments of the company's subsidiaries worldwide. He has held increasing levels of responsibility throughout his nearly three years with the company and has proven his capabilities in the interim CFO role. Previously, Mr. Assaf Cohen was company controller at Samgal Ltd., and prior to that, served as Senior CPA at Ernst & Young.   

"Assaf has been a strong leader within our finance department and has consistently performed at a high level, while holding increasing roles of responsibility within our firm," said Shlomi Cohen, Chief Executive Officer of On Track Innovations. "With his extensive knowledge of our business model and robust skillset, we are confident that Assaf will play a key role in helping us achieve our goals. We look forward to leveraging his deep financial experience as we continue to grow our presence in the marketplace. I am proud to promote him to permanent CFO, where the company can best leverage his innovative thinking and vision to create long term value for shareholders."

The current Chief Executive Officer, Shlomi Cohen, is not related to the new Chief Financial Officer, Assaf Cohen.

About On Track Innovations Ltd

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address cashless payment, automated retail, and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit

Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, expected divestitures and plans for our existing and new products and services,. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by issues encountered in evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

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SOURCE On Track Innovations Ltd. (OTI)