ROSH PINA, Israel, Sept. 12, 2002 (PRIMEZONE) -- OTI (Berlin:OTIV), the global provider of contactless smart card technology and product solutions, announced today that it is continuing its registration process by filing today a required amendment to its F1 with the U.S. Securities and Exchange Commission in connection with the proposed listing on NASDAQ of OTI's ordinary shares. OTI's ordinary shares currently trade on the Neuer Markt under the symbol 'OT5.' OTI expects to complete the NASDAQ listing during October 2002 in order to accomplish the Company's stated objectives.
OTI Chairman, President and CEO, Oded Bashan, commented: "We are aware of the challenge that we are undertaking by listing on NASDAQ U.S. and we embrace this challenge. Moreover, we are confident that our business initiatives will complement our listing in the U.S. market and that our plans already underway for reaching out to professionals in the U.S. investment community will be successful."
OTI recently released its half-year results reporting a 62% decrease in operating loss and a 10% increase in revenues. The Company expects to end the third quarter with similar cash balances as second quarter 2002.
About OTI
Established in 1990, OTI designs and develops contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for mass transit, parking, gas management systems, loyalty schemes, ID 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. Visit OTI on the Internet at www.otiglobal.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135(a) of the United States Securities Act of 1933. This press release contains forward-looking statements, which reflect management's best judgment based on factors currently known. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those in the statements included in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. OTI disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.