SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of January, 2010
ON
TRACK INNOVATIONS LTD.
(Name of
Registrant)
Z.H.R.
Industrial Zone, P.O. Box 32, Rosh-Pina, Israel, 12000
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F x Form
40-F o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Yes o No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes o No x
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
ON TRACK INNOVATIONS
LTD.
6-K
ITEM
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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ON TRACK INNOVATIONS LTD.
(Registrant)
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By:
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/s/ Oded Bashan | |
| Oded Bashan | |||
| Chief Executive Officer and Chairman | |||
Date: January 5, 2010
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Press
Release
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For Immediate
Release
OTI
Wins Over $30 Million in Contracts for National eID Program
- Advance Payment Received; Project is Cash Flow
Positive
Iselin, NJ – January 5, 2010 -
On Track Innovations Ltd., (OTI) (NASDAQ-GM: OTIV), a global leader in
contactless microprocessor-based smart card solutions for homeland security
& eID systems, payments, petroleum payments and other applications,
announced today that it had signed contracts relating to a national eID program
with total consideration that exceeds $30 million. Revenues from this Project in
2010 are expected to be over $20 million. An advance payment has been received
to support the initial stages of the project which have already
commenced.
The award
of the project follows a successful completion by OTI of a pilot program and
provides for the supply of new biometric-based electronic ID cards and other
official documents (relating to birth, death, marriage, etc.), as well as the
equipment required for the setup of the document issuing stations
country-wide.
The
contracts provide for the supply of OTI’s end-to-end turnkey solution, based on
its proprietary state-of-the-art, field-proven eID Magna™ platform. The solution
includes supply of both stationary and mobile stations for data enrollment and
issuing stations, and the creation of a central national registry database, as
well as the provision of contactless, highly-secured smart ID cards and a
Biometric Automatic Fingerprint Identification System (AFIS), to detect and
prevent double registration attempts by the same ID applicant.
OTI’s
secured ID solution supports both online and offline communication, thereby
allowing every citizen, living in cities and rural areas, to apply for an ID
card regardless of the area’s communication infrastructure. This user-friendly
solution is designed to provide maximum accuracy and security.
Oded
Bashan, Chairman and CEO of OTI, stated, “We are proud to be part of this
remarkable technological development and modernization effort. We are confident
that the success, quality commitment and reliability OTI demonstrated in the
pilot program has contributed to the continuation of the project.”
About
OTI
Established
in 1990, OTI (NASDAQ-GM: 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.
For more
information on OTI, visit www.otiglobal.com,
the content of which is not part of this press release.
Safe
Harbor for Forward-Looking Statements:
This
press release may contain forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of 1995
and other Federal securities laws. Whenever we use words such as "believe,"
"expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we
are making forward-looking statements. Because such statements deal with future
events and are based on OTI's current expectations, they are subject to various
risks and uncertainties and actual results, performance or achievements of OTI
could differ materially from those described in or implied by the statements in
this press release. For example, forward-looking statements include statements
regarding our beliefs, objectives, plans or current expectations, such as those
regarding the expected revenues to be generated from the project for the
National eID System and the expected timing for generating such revenues, or
regarding the superiority of our technology and solutions. These forward-looking
statements could be impacted by our ability to execute production on orders, as
well as the other risk factors discussed in OTI's Annual Report on Form 20-F for
the year ended December 31, 2008, which is on file with the Securities and
Exchange Commission. 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. Except as otherwise
required by law, 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 circumstances or
otherwise.
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OTI
Contact:
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Investor
Relations:
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Galit
Mendelson
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Miri
Segal
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Vice
President of Corporate Relations
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MS-IR
LLC
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201
944 5200 ext. 111
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917-607-8654
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galit@otiglobal.com
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msegal@ms-ir.com
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