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On Track Innovations Ltd. Announces Transition in Leadership TeamROSH PINA, Israel, June 12, 2019 /PRNewswire/ -- On Track Innovations Ltd. (Nasdaq: OTIV) (the "Company" or "OTI"), a global provider of near field communication (NFC) and cashless payment solutions, today announced that its Chief Executive Officer ("CEO") and member of the Board of Directors, Mr. Shlomi Cohen, will step down from the position of CEO by the end of 2019 and will then assume the role of Chairperson of the Board. The Company has initiated the process of recruiting a new Chief Executive Officer. After 4 years as OTI's CEO during one of the most challenging times of the Company's history, Mr. Cohen will be nominated as the OTI's Chairperson of the Board. In connection with this role, Mr. Cohen will undertake to actively support OTI management and provide other services as the OTI Board may request from him. Subject to approval by the Company's shareholders, the transition will be effective January 1, 2020. During the past 4 years, Mr. Cohen has led a turnaround within OTI, focusing on core assets and strengths, while cutting the Company's debt materially, and increasing gross margins. He has implemented a new strategy for the coming years with more focus on the cashless payment activities and moving from being a product company to a solution company. "Shlomi has been doing fantastic work in the last few years within OTI and was able to create a dramatic change that we believe will lead OTI into a new era of growth over the coming years," said Scott Medford, the Company's current Chairperson of the Board. "I am very pleased that Shlomi accepted our nomination as next Chairperson of the Board. His experience and his knowledge will support the future development of OTI and we expect that a new CEO that will join us before the end of this year, will build on Shlomi's success and lead OTI to stable profitability and healthy revenue acceleration," said Mr. Medford. After stepping down from the position of Chairperson of the Board, Mr. Medford is expected to continue to serve as a Director. About On Track Innovations Ltd Safe Harbor / Forward-Looking Statements
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