On Track Innovations Ltd.
OTI REPORTS ON STATUS OF US ELECTRONIC PASSPORT PROJECT
Ad hoc announcement §15 WpHG
Miscellaneous
OTI REPORTS ON STATUS OF US ELECTRONIC PASSPORT PROJECT
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
Fort Lee, NJ – August 12, 2005 – On Track Innovations Ltd, (OTI) (NASDAQ:
OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless
microprocessor-based smart card solutions for homeland security, payments and
other applications, said that as previously reported, OTI America, Inc. filed
a protest with the Government Accountability Office (“GAO”) regarding the
evaluation of our product by the Government Printing Office (“GPO”). The GPO’s
motion to dismiss OTI’s protest was denied by the GAO. We were recently
informed by the GAO that OTI’s protest had been denied.
On Track Innovations Ltd.
Z.H.R. Industrial Zone
12000 P.O. Box 32 Rosh Pina
Israel
ISIN: IL0010834682
WKN: 924895
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 15.08.2005
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
OTI REPORTS ON STATUS OF US ELECTRONIC PASSPORT PROJECT
Fort Lee, NJ – August 12, 2005 – On Track Innovations Ltd, (OTI) (NASDAQ:
OTIV; Prime Standard [Frankfurt]: OT5), a global leader in contactless
microprocessor-based smart card solutions for homeland security, payments and
other applications, said that as previously reported, OTI America, Inc. filed
a protest with the Government Accountability Office (“GAO”) regarding the
evaluation of our product by the Government Printing Office (“GPO”). The GPO’s
motion to dismiss OTI’s protest was denied by the GAO. We were recently
informed by the GAO that OTI’s protest had been denied.
According to Oded Bashan, President & CEO, “The GAO denied OTI America, Inc.’s
bid protest, which challenged the GPO decision to eliminate OTI from further
consideration for award of the production portion of the GPO’s Electronic
Passport program.” Mr. Bashan continued to say, “The GPO eliminated OTI based
on a defect in a component provided by one of OTI’s suppliers and was not
related in any manner to OTI’s own products or technology. OTI remains
confident in the superiority of its technology and product. As previously
said, the US Government electronic passport program was but one of many
projects in which we are currently involved and as such, we have not included
it in our financial projections.”
About OTI
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) 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, micro payments, mass transit
ticketing, parking, loyalty programs and secure campuses. OTI has a global
network of regional offices to market and support its products. The company
was awarded the prestigious ESCAT Award for smart card innovation in both 1998
and 2000.
For more information on OTI, visit http://www.otiglobal.com
This press release contains forward-looking statements. Such statements, which
include statements concerning the future of OTI’s role in the electronic
passport program, are subject to certain risks and uncertainties, such as
market acceptance of new products and our ability to execute production on
orders, which could cause actual results to differ materially from those in
the statements included in this press release. Although OTI believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will be
achieved. OTI disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date hereof, whether as
a result of new information, future events or otherwise. Results could differ
materially from expected results. OTI undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events or
circumstances.
OTI Contact: Media Relations IR Contact:
Galit Mendelson Adam Handelsman Paul Holm
Director of Corporate 5W Public Relations PMH Group
Communication, OTI
001 201 944 5200 ext. 111 001 212 999 5585 001 212 496 7238
galit@otiglobal.com ahandelsman@5wpr.com pmhgroupinc@aol.com
End of message (c)DGAP
151403 Aug 05
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden