NEW YORK, Oct. 31, 2012 (GLOBE NEWSWIRE) -- Institutional Shareholder Services (ISS) announced on October 30th that it now recommends a vote AGAINST the three director nominees of On Track Innovations.
In the report, ISS noted: "A vote against these elections [of nominees Yossi Peled, Meir Nissensohn and Ora Setter] is warranted given the company's continued poor financial and stock performance over the past several years, as well as concerns about compensation and corporate governance."
Jerry Ivy stated: "We are grateful for receiving ISS support. ISS' recommendation validates our concerns with OTIV's Board's shortcomings and continued failure to protect shareholder value. It is time for shareholders to take an active role in protecting their investment and I hope that they will help this cause by voting AGAINST election of the three management nominees.""
The ISS report concludes: "The current board has not shown the ability to turn the company around, and shareholders are justified in their disappointment. Given the compelling argument presented by the dissidents [Jerry Ivy and his nominees] that boardroom change is needed, and the failure of the board to present a convincing counter argument, a vote against the proposed slate of directors is warranted."
In order to bring about change, Ivy urges SHAREHOLDERS TO VOTE "AGAINST" the three director nominees. Ivy noted that he had submitted notice to OTI requesting a shareholder meeting to consider the election of his slate of directors. Voting "AGAINST" will permit shareholders to consider that slate at a future date.
ISS, founded in 1985 as Institutional Shareholder Services Inc., is the world's leading provider of proxy advisory and corporate governance solutions to financial market participants. ISS' services include objective proxy research and analysis, end-to-end proxy voting and distribution solutions, turnkey securities class-action claims management, and reliable governance data and modeling tools. More than 1,700 clients rely on ISS' expertise to help them make informed corporate governance decisions. ISS is located in financial centers worldwide and is a subsidiary of MSCI Inc., a leading provider of investment decision support tools to investors globally.
Mr. Ivy is not currently soliciting votes for his nominees. To assist our effort to change the board of OTIV, we are requesting all shareholders to vote AGAINST the election of directors at the November 9, 2012 Annual General Shareholder Meeting.
OTIV is governed by laws which do not provide us access to shareholder contact information. Consequently, we are unable to directly reach out to you. If you want us to contact you, please email your name and contact information to email@example.com or call 877-777-4270.
Your vote is very important, regardless of how many shares you own. If you have any questions, or need assistance in voting your shares, please call our proxy solicitors, Alliance Advisors at 877-777-4270, or go to www.otivinfo.com.
Please rest assured that all communication with us and Alliance Advisors will not be shared with any party and will be held in strict confidentiality.
Thank you for your help and support – together, we can effect change in OTIV!
* No permission to use ISS report was either sought or received for this press release.
Alliance Advisors at 877-777-4270