Yokneam, Israel, November 4, 2021 – On Track Innovations Ltd. (OTI) (OTCQX: OTIVF), a global provider of near field communication (NFC) and cashless payment solutions, announced the appointment by the Board of Directors of Amir Eilam, Vice President of Research and Development, as the Company’s new Chief Executive Officer (CEO), effective immediately. In addition to serving as CEO, Mr. Eilam will continue to serve as Vice President of Research and Development, until a replacement is appointed.
On October 31, 2021, Mr. Yehuda Holtzman, the Company’s outgoing CEO, provided a notice of his resignation from the position as CEO to the Board for personal reasons.
Mr. Eilam has vast experience in the unattended payment market and has held various positions with the Company since 2005, leading the Company’s research and development since 2012 and supporting the Company’s product strategy relating to the shift of its focus to solution-based products.
Yehuda Holtzman, the outgoing CEO, commented, “I congratulate Amir on his appointment as new CEO. Two years ago, I was brought to OTI to bring about a turnaround in the business, and we have successfully shifted towards a recurring revenue, software-as-a-service model, focusing on a new promising path towards long-term growth and profitability. I felt it was now the time to hand the reigns back to an OTI insider. With his long experience at OTI, Amir knows OTI’s customers exceptionally well, and I believe Amir will be a very strong CEO and will be able to bring about accelerated revenue growth.”
Amir Eilam, incoming CEO, commented, “I would like to thank Yehuda for his tremendous efforts for OTI and commend him on his success at stabilizing and refocusing us towards growth. I strongly believe in OTI’s unique technology, and I look forward to unleashing OTI’s potential over the coming years.”
30 YEARS OF INNOVATIVE CONTACTLESS PAYMENT SOLUTIONS
OTI (OTCQX: OTIVF) is a leading developer of contactless payment solutions, Near Field Communication (NFC) technology based, for the unattended market. The company has been a technology leader since 1990, providing systems, devices and services to operators and integrators with solutions and components that are simple to implement.
To date, OTI has deployed over one million payment solutions to our focused unattended markets: self-service kiosk, micro-markets and vending machines, entertainment and gaming, automated teller machines, or ATM, Mass Transit Ticketing Validation, and fuel payments.
OTI operates through regional offices, supporting clients and payment industry partners with its unique contactless payment solutions.