On Track Innovations Ltd. (OTI) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a variety of markets. Because the Company’s cards contain a microprocessor, they can store and process information and run multiple applications. OTI’s cards are referred to as contactless because they do not require physical contact with a card reader, as power and data are transferred to a card through a magnetic field generated by a card reader. The Company offers three lines of solutions, each of which constitutes a complete system, as well as components (such as smart cards and readers) that it sells to original equipment manufacturers (OEM), for incorporation into their own products. OTI’s three vertical markets are Payment Solutions, Petroleum Systems and SmartID Solutions. In June 2008, the Company, through its subsidiary PARX Ltd., acquired PARX France (formerly ID Parking).