ROSH PINA, Israel, Nov. 6, 2019 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (OTCQX: OTIVF), a global provider of near field communication (NFC) and cashless payment solutions, today announced the appointment of Yehuda Holtzman as Chief Executive Officer of OTI effective December 1, 2019. Assaf Cohen, OTI's Interim Chief Executive Officer and OTI's Chief Financial Officer, will continue to serve as OTI's Chief Financial Officer from that date.
Mr. Holtzman brings a wealth of experience to OTI, having successfully established, grown and sold three technology companies through his career. From 1998 to 2011, he was President of MobileAccess, a cellular technology company he co-founded and sold to Corning in 2011. Following that, he co-founded and was CEO of ExploreGate, a big Data/AI company, and from 2016, he was CEO of Mobilogy, a provider of mobile lifecycle solutions which was acquired in 2018.
Scott Medford, OTI's Chairman of the Board, commented, "We are very pleased to welcome Yehuda Holtzman as the new CEO of OTI. Yehuda has a strong track record in growing technology businesses and creating value for shareholders. We are confident that his strong background and solid understanding of customer needs make him the right leader to take OTI to the next level."
Yehuda Holtzman commented: "I am delighted to join OTI as I have been keenly monitoring the company for several years. OTI's unique technology and the growing market of cashless payment, means OTI is well-positioned for success."
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for 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 www.otiglobal.com.
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 "will," "expect," "look forward," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our confidence that Yehuda Holtzman's strong background and solid understanding of customer needs make him the right leader to take OTI to the next level and that OTI is well-positioned for success. 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. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions "Risk Factors" in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.
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SOURCE On Track Innovations Ltd. (OTI)