On Track Innovations Ltd. is a developer of cashless payment solutions. The Company's segments include Retail and Mass Transit, Petroleum, Parking and Other. The Company offers solutions for banking, mobile network operators, vending, mass transit, petroleum and parking. The Company provides its customers with training and installation support, customer service and technical support. Its PayEnable technology can be implemented into a range of products. Its Retail and Mass Transit products include TRIO mPOS, Pico BT, WAVE, WAVE PKI, oti SATURN 6700 UNO, oti SATURN 6500 TRIO and oti SCI 6000. It also offers otiMetry and oti CONNECT 3000. Its EasyFuel Plus solution is a wireless, cashless, cardless and paperless refueling tracking and payment solution. Its EasyPark set of parking solutions provides parking fee collection, parking payment enforcement and parking management solution. Its MediSmart solution is an information management and claims submission system for the medical sector.
- The company's BOD contains two (2) indepdendent directors.
- The FINS are current.
- Their business is very exciting but they need to turn around their everyday business activities, and increase sales, revenue and profits.
- 50M AS and 42M OS.
- 1.2M Treasury shares.
- The increase in the number of OS has been 100,000 shares since 2018.
- This is minimal.
- Company dilution is not an issue.
- The net loss in continuing operations has tripled in the past year.
- Assets have decreased in the past year.
- Total current and long-term liabilities have increased in the past year. Company SEC filings. https://investors.otiglobal.com/2019-11-06-On-Track-Innovations-Ltd-Reports-Third-Quarter-2019-Financial-Results Company investor presentation https://www.otiglobal.com/wp-content/uploads/OTI-Investor-PPT-NOV2019.pdf
OTI Raises $2.5 Million from Investors
8:00 am ET December 24, 2019 (PR Newswire) Print
On Track Innovations Ltd. (OTI) (OTCQX: OTIVF), a global provider of near field communication (NFC) and cashless payment solutions, today announced that on December 23, 2019, it entered into a share purchase agreement (the "Agreement") with Jerry L. Ivy, Jr. Descendants' Trust ("Ivy") and two other investors who are members of the Company's Board of Directors (the "Board"). The Agreement relates to a private placement of an aggregate of up to 12,500,000 ordinary shares of the Company at a purchase price of $0.20 per share, for aggregate gross proceeds to the Company of up to $2,500,000.
The initial closing of the private placement took place on December 23, 2019. At the initial closing, 6,500,000 shares were issued for aggregate gross proceeds to the Company of $1,300,000. A subsequent closing (the "Subsequent Closing") for the remainder of the amount to be invested is subject to the Company obtaining approval of its shareholders to, among other things, an increase the authorized share capital of the Company.
In addition, under the terms of the Agreement and following the initial closing, the Board agreed to appoint one representative to the Board, designated by Ivy. An additional representative designated by Ivy will be appointed to the Board following the Subsequent Closing.
Yehuda Holtzman, CEO of OTI commented: "Mr. Ivy, together with two of our directors have shown this investment as a vote of confidence in OTI. We intend to use these funds to support OTI's growth."
The above-mentioned offering and sale of ordinary shares to be issued in the private placement are exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D promulgated thereunder. The ordinary shares will not be registered under the Securities Act and may not be sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the ordinary shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider - Israel. For more information, visit www.otiglobal.com, the content of which does not form part of this press release.