Former Deputy CFO of OTI Joint Venture in a Major Asian Country and OTI Chief Controller
FORT LEE, N.J. , Sept. 29 /PRNewswire-FirstCall/ -- On Track Innovations Ltd. (OTI) (Nasdaq: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced the appointment of Tanir Horn-Wekselman as Chief Financial Officer. Horn-Wekselman's appointment is effective October 1, 2008 .
Horn-Wekselman has been with OTI since 2006, acting first as Deputy CFO of OTI's joint venture with a government entity of a major Asian country and then as OTI's chief controller at its headquarters in Israel . Horn-Wekselman, a Certified Public Accountant since 2003, worked as an examiner for large enterprises at the head office of the Income Tax Division of the Treasury from 2001 until 2006. She holds a BA in Business Administration and Accountancy from College of Business Management, Tel Aviv , and has been a lecturer and instructor on taxation laws since 2002 in colleges and for the Tax Division of the Treasury.
Oded Bashan , Chairman and Chief Executive Officer of OTI said: "Tanir brings to OTI strong financial skills and commitment. Further, she is an energetic leader who will bring her perspectives and depth to our management."
Established in 1990, OTI (NASDAQ- GM: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions 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" or similar expressions, we are making forward-looking statements. 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. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those regarding the superiority of our products. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2007 , which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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.
SOURCE On Track Innovations Ltd.