ROSH PINA, ISRAEL--(Marketwired - Jan 25, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, has appointed Yishay Curelaru as its chief financial officer, effective January 31, 2016. Curelaru succeeds Shay Tomer, whose departure was announced on January 6, 2016.

Curelaru previously served as oti's controller and deputy CFO since 2013, overseeing the company's finance department. During his time as deputy CFO, Curelaru demonstrated his ability to lead and gained vast experience in the financial and accounting sector. Prior to oti, Curelaru was a senior accountant at PricewaterhouseCoopers (PwC). Curelaru also served as a captain in the Special Forces of the Israeli Defense Forces. Curelaru received a B.A. in economics and accounting from the Ben-Gurion University of the Negev, and he is a Certified Public Accountant in Israel.

"Yishay's leadership has played a key role in reducing our operating expenses and developing our strategic plan for 2016," said oti CEO Shlomi Cohen. "Given his tenure and understanding of our systems, policies, and corporate vision, his promotion ensures a smooth transition in senior leadership as we execute our growth plan."

About oti
 On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking statements within the meaning 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2014, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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.