Custom Search

On Track Innovations Ltd, (OTI) (Nasdaq:OTIV), a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, today announced that its Chinese partner HuaDa-ZhiBao Electronic Systems Ltd is part of the winning bid to supply the Ministry of Foreign Affairs' (MFA) electronic passport booklet, and will be responsible for the supply of Integrated Circuit (IC) modules to be used in such. HuaDa-ZhiBao is OTI's Chinese local partner, providing a local Chinese product for the MFA program. HuaDa-ZhiBao and OTI have reached an overall profit sharing agreement in addition to product revenues. The Ministry of Foreign Affairs issues passports to diplomats and entry visas to China. The MFA issues about one (1) million passports annually. This award is in addition to the inspection equipment award reported last week.

China's MFA electronic passport is based on the International Civil Aviation Organization (ICAO) and ISO 14443 standards. Earlier this year, HuaDa-ZhiBao and OTI delivered initial quantities for this program, which successfully passed rigorous testing for product performance including security, durability, communications, personalization and more. The MFA is planning to start issuing electronic passport in 2010.

Oded Bashan, Chairman & CEO of OTI, said: "We are honored to be a part of the Chinese MFA electronic passport program. The cooperation with HuaDa-ZhiBao has proven to be successful, professional and positions us to provide best-in-class ID solutions to the Chinese government."

Mr. Bashan continued: "As we have indicated, in our view, the Chinese opportunity is comprised of a series of projects and initiatives which are governed by different governmental regulations and agencies. Each one of these initiatives is large, complex, sophisticated and involves the integration of multiple sub systems, and thus takes long time. In recent years OTI has been working with strong local partners in order to be able to establish local products which support the Chinese opportunity."

About OTI

Established in 1990, OTI (Nasdaq: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 On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736

Safe Harbor for Forward-Looking Statements:

This press release contains 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. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those regarding the expected revenues to be generated from orders from the Chinese MFA's electronic passport program, our ability to establish local products which support the Chinese opportunity or those related to the superiority of our electronic passport solutions or the potential market or revenues thereof. Forward-looking statements could be impacted by market acceptance of new and existing products and 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. 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.

CONTACT: On Track Innovations Ltd.

Galit Mendelson, Vice President of Corporate Relations

201 944 5200 ext. 111

galit@otiglobal.com

MS-IR LLC

Investor Relations:

Miri Segal

917-607-8654

msegal@ms-ir.com



The Live Oak Prospect comprises 3,734 gross acres. Bayou City has a joint development agreement with its partners

Bayou City Exploration (OTC BB: BYCX) announced today that the first well in its multiple prospect project in Live Oak County, Texas, reached total depth on January 4, 2006 and is being cased for completion.

The Mary Lyne #1 well reached a total depth of 6,500 feet and has been logged and evaluated; it is now being cased for completion operations. Bayou City and its partners, Petro Resources Inc. (OTC: PRCT), Falcon Natural Gas Corp, ORX Resources Inc. and Infinity Oil and Gas (Nevada) have all elected to participate in the completion, which will commence as soon as a completion rig is contracted.

Following this well Bayou City will drill a shallow gas well to one of the Project's Cole sand prospects, followed by a third well which is a deep re-entry to test the Wilcox formation. The Company will undertake the proposed drilling in the first quarter of 2006 as rigs become available.

The Live Oak Prospect comprises 3,734 gross acres. Bayou City has a joint development agreement with its partners to jointly develop multiple prospects on the project acreage. Based on their analysis of available data, the partners expect that when fully developed the entire project area could potentially hold as much as 100 BCF* and 1 MMBO,* with a total estimated gross value of $700 million.

Bayou City Exploration, Inc. is an oil and gas exploration firm focused in proven geologic trends in East Texas, the Gulf Coast of Texas and Louisiana. Based in Houston, Texas, Bayou City leverages its management team's long experience and multidisciplinary expertise in applying advanced 3-D seismic analysis, 3-D processing algorithms, amplitude attribute and imaging technologies to reduce the drilling risks by identifying the presence of economic hydrocarbons. The Company's database has more than 7,200 square miles of 3-D data, most of it covering Bayou City's focus area, as well as 13,000 miles of 2-D data.

This news release may include forward-looking statements, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements contained herein.

*BCF= billion cubic feet

*MMBO= million barrels of oil

Did You Know?
  • The National Household Education Survey found that for adults aged 16 or over whose primary language at home was not English: 41.9% participated in ESL classes in the previous 12 months as part of a college program; 28.9% participated to improve their communication skills; 14.1% for a personal, family, or social reasons; and 15.1% for other main reasons. (Participation of Adults in English as a Second Language Classes: 1994-95
  • The word "grandmother" appears in the Bible only once: 2 Timothy 1:5.
  • 54.6 million students to be enrolled in the nation’s elementary and high schools (grades K-12) this fall. That number exceeds the 1970 total of 51.3 million, when virtually all of these students were "baby boomers," who swelled school enrollments.
  • The first exclusively distance degree program in the United States was developed by the University of the State of New York in 1970. Ewald B. Nyquist suggested the formation of the Regents External Degree Program sponsored by the university's Board of Regents.
  • The largest movie theatre in the world, Radio City Music Hall in New York, opened in 1932 - it seats almost 6,000 people.