ROSH PINA, Israel, June 17, 2002 (PRIMEZONE) -- OTI (Neuer Markt: OT5) announced today that on Friday, June 14, 2002, the Annual Meeting of the Company's shareholders (the "Meeting") approved all of the proposed resolutions.
The shareholders approved the application for listing on Nasdaq in the United States as well as the completion of the consolidation of the ordinary shares. As a result, OTI has consolidated 10 ordinary shares of NIS 0.01 par value into one ordinary share of NIS 0.1 par value. The company is working with Nasdaq to complete the listing as soon as possible. The reverse split is the first step towards a listing on Nasdaq as a result of the expansion of the company's business in the US. As part of the Nasdaq listing, the company will issue ordinary shares of 0.1 NIS par value per share to all of its shareholders as bonus shares.
Oded Bashan, Chairman, President & CEO of OTI, said: "We are pleased to announce the completion of the consolidation of our ordinary shares approved by our shareholders. As a result of the company's expanding business in the US market, the company is in the process of listing on the Nasdaq stock exchange. We anticipate that our decision will further improve our position and accelerate the company's growth."
The full version of the approved resolutions of the Meeting along with complete copies of the Financial Statements can be obtained from the Company's offices in Rosh Pina, Israel (Tel: 97246868000) as well as the offices of the Paying and Depository Agent Dresdner Bank at: Dresdner Bank Aktiengesellschaft, CC Volkswirtschaft, Informationsdienste, 60301 Frankfurt am Main, Germany.
About OTI
Established in 1990, OTI (On Track Innovations) designs and develops contactless microprocessor based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for mass transit, parking, gas management systems, loyalty schemes, ID and secure campuses. OTI has regional offices in the US, Europe, Asia Pacific, and Africa. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Visit OTI on the Internet at www.oti.co.il.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. The press release is being issued pursuant to and in accordance with Rule 135(a) of the United States Securities Act of 1933.
This press release contains forwardlooking statements, which reflect management's best judgment based on factors currently known. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those in the statements included in this press release. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of the date hereof. OTI disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.
For more information contact:
Elise Vanier Kirchhoff Consult AG Tel: 49 69 7474 860 Fax: 49 69 7474 8620 elise.vanier@kirchhoff.de