On Track Innovations, a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, announced the election of Mr. David P. Stone and Mr. Mark Green as members of its board of directors. Following the election of Mr. Stone and Mr. Green, OTI’s board is comprised of nine members, including the Chairman Mr. Oded Bashan, Mr. Ronnie Gilboa and Mr. Ohad Bashan that serve as executive directors, and six independent directors, including Mr. Eli Akavia and Mr. Raanan Ellran, Mr. Eliezer Manor and Dr. Ora Setter, as well as the new members mentioned above.
Mr. David P. Stone retired as a senior partner in the New York-based international law firm of Weil, Gotshal & Manges LLP (“WGM”) at the end of 2005. For approximately 35 years prior to his retirement, Mr. Stone was engaged in the practice of law, specializing in corporate, securities and mergers and acquisitions law. At WGM, he founded and led the firm’s Israel Practice Group which, during his tenure, represented the issuers, underwriters or selling shareholders in connection with more than 90 public offerings of equity or debt securities by Israeli companies in the United States. Both as a member of WGM and since his retirement from that firm, Mr. Stone has served from time to time as counsel to the Company. Since retiring, he has been primarily engaged as a trustee of or manager of substantial projects for philanthropic institutions with activities in both the United States and Israel. Mr. Stone holds a Bachelor of Arts degree from Columbia University and a Juris Doctor degree from Harvard University.
Mr. Mark Green is head of Technology and International Banking at Merriman Curhan Ford, a New York-based investment bank. Mr. Green previously headed C.E. Unterberg, Towbin’s (and later Collins Stewart’s) banking efforts in Israel, where he advised technology companies on cross-border public and private financings and mergers & acquisitions. Prior to joining Unterberg, he worked with the Salomon Smith Barney’s (later Citigroup’s) Israel Investment Banking group. Mr. Green received his Masters in Business Administration from the University of Bath School of Management, England and his Bachelor of Arts from the University of Westminster, London, England. Mr. Green is also an Associate of the Royal Institute of Chartered Surveyors, England.
Oded Bashan, Chairman and CEO of OTI, said: “we are pleased with the expansion of our board. We believe that the new expanded board structure will contribute to the company and its management to better cope with the expected growth, pipeline of projects and opportunities and ultimately increase shareholders value.”
Established in 1990, OTI (Nasdaq: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 and loyalty programs. 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.