ROSH PINA, Israel, Jan. 17, 2013 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID systems and other applications, announced today that it regained compliance with NASDAQ Listing Rules.
As previously disclosed in a press release dated December 6, 2012, OTI received a NASDAQ Staff Deficiency Letter, dated December 3, 2012, notifying OTI that, due to the resignation of certain of its directors, it was not in compliance with the majority board independence and audit committee composition rules for continued listing. These rules are codified in sections 5605(b)(1) and 5605(c)(2) of the NASDAQ Listing Rules, and require listed companies to maintain a board of directors that consists of a majority of independent directors and an audit committee that comprises at least three independent directors, respectively.
OTI has notified NASDAQ that following the election of eight new independent directors on December 30, 2012, a majority of OTI's board of directors is independent (as such term is defined in the NASDAQ Listing Rules) and that OTI's board of directors appointed members to its audit committee, and following such appointments the audit committee includes three independent directors, which meets the minimum of three independent directors required by the NASDAQ Listing Rules.
In response to OTI's notice NASDAQ confirmed that OTI complies with NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2).
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