On Track Innovations Ltd.: erhält Folgeauftrag

In den USA lässt es sich gut klagen und diese Pantentverletzung könnte T-Mobile, eine Tochter unserer Telecom, recht teuer zu stehen kommen.

Schlussendlich ist ein Vergleich möglich, oder: T-Mobile beteiligt OTI an deren Geschäft. Auf jeden Fall ist T-Mobile nun ganz schön in der Klemme und kann bei diesem Megaprojek sehr viel Zeit verlieren. T-Mobile wird also schnell handeln müssen, denke ich. Da dürfte es für die billiger werden, einige dutzend Mio. $ an OTI zu überweisen.

Der Zufall will es, dass ich gestern gerade einen kurzen Artikel über das Thema "Geschäft mit dem Zufall" gelesen habe. Wir hätten es nach 10 bis 12 Jahren im Tal der Tränen auch wirklich einmal verdient, nicht war??  

mit dem Handybezahl System machen, aber auf sowas wäre ich jetzt nicht gekommen.

Die machen nach zwanzig Jahren dann zum ersten mal einen Gewinn weil Sie die Telecom verklagt haben. Unglaublich sowas

Ja März wir haben uns das verdient, aber ich freue mich nicht zu früh.  

Verkaufe nie das Fell des Bären, bevor du ihn erlegt hast. :-)  

meint Edward Schwartz in seinem Beitrag in Seeking Alpha. Den fairen Wert der Aktie schätzt er mit $ 4 ab. Deshalb steigt wohl der Kurs z.Z. an.

Hier der Artikel:

On Track Innovations: Primed For A Hostile Takeover
March 28, 2012   Edward Schwartz

OTIVOn Track Innovations (OTIV) is a small Israeli company competing with Veriphone, Gemalto and others in the Near Field Communications and contactless payments industries. This 20-year-old company has a patent portfolio of 100 patents and patents pending. OTIV recently signed a $7M non exclusive licensing agreement for one of its patents, and initiated a patent infringement law suit against T-Mobile.

The company has been in business for 20 years, and has never been profitable. Led by its founder, CEO Oded Bashan, and Oded's son, Ohad, the company President, the company has given past guidance and goals that, in my opinion, have not been met.

Recently, two major investors, Mark Silk and Jerry Ivy, have filed 13D filings with the SEC. Both Silk and Ivy report an average cost of shares purchased around $3/share, and the stock has been trading well below the $3 price investors paid for a secondary offering in February 2011.

In January, 2012, the company amended its poison pill package, and in February 2012, notified shareholders of a special meeting to increase the company's authorized shares in order to be able to fund the poison pill defense. Shareholders, who have seen their investment go from a high of $17 in 2006 to lows of $1 in December 2011, soundly rebuked management and defeated this proxy.

According to the company's last quarterly report, OTIV has approximately $1 per share cash equivalents, and an Intellectual Property portfolio of unknown proportions. When company president Ohad Bashan was asked during the Q4 2011 conference call what he thought the company's intellectual property was worth, he said he had no idea. Conservative estimates for the intellectual property value are $3/share, and adding this to the $1/share cash equivalents, you have a $4/share value, which is far above the $1.41 price per share that the stock closed on 03/23/2012. And the company's enterprise value of $26M is well below its market capitalization of $43M.

In addition, OTIV stock trades at 0.5 times enterprise value to sales verses comparables trading at 2 times enterprise value to sales. It should be noted that current management or members of the board, whose share totals are far less than Silk's or Ivy's, have not recently purchased shares in the company, even though the company has completed a previously announced share repurchase program.

The fact that the two largest shareholders have become activists is an indication that this valuation is way too cheap. And, with such a robust intellectual property portfolio worth millions, in my opinion, two dissident shareholders, a falling price per share and an indefensible poison pill defense, I feel that OTIV is ripe for a hostile takeover, or at least a forced sale by the dissident shareholders.

Disclosure: I am long OTIV.  

aber was ist ein echter oder fairer wert? Habe mich über den vollen Satz voll
zerkugelt (gelacht) The company has been in business for 20 years, and has never been profitable
20 Jahre im Buisness und nie profitabel :-)
Das muß denen einmal einer Nachmachen  

jetzt auch bei "Globes":

On Track Innovations springs to life

A lawsuit against a US giant and potential hostile takeover bids suddenly make the contactless payment solutions company highly interesting.

2 April 12 18:01, Shlomi Cohen

After the first quarter of 2012 has been sent with loud acclaim to a place of highest honor in the statistical history of Wall Street, on account of the huge profits it yielded for investors, the market's big test comes next week with the start of the reporting season, expectations of which have soared in line with the soaring returns. Profit warnings that will surely be published here and there will start affecting the market's direction this week, for last quarter wasn't a party for everyone.
In the portfolio tracked here, I am unloading Radvision Ltd. (Nasdaq: RVSN; TASE: RVSN), which will soon become a division of privately-held Avaya, and half of the shares in Apple (AAPL), after they have yielded the fantastic return of 558% in five years. With part of the money I am buying for the portfolio a small Israeli company, OTI - On Track Innovations Ltd. (Nasdaq: OTIV; DAX: OT5), at a price per share that is about a tenth of what it was exactly six years ago, when I removed it from the portfolio at a price of $15.

I became aware of On Track again last Tuesday, when CNBC reported on a small Israeli company that was suing the fourth largest mobile company in the US, T-Mobile, a subsidiary of Deutsche Telekom (DT). On Track, from Rosh Pina, specializes in digital solutions for contactless identification and payments. It claims that T-Mobile's handsets containing NFC (near field communications) payment solutions infringe one of its patents.

Patents as a revenue source

People generally deride claims by tiny companies that make nuisances of themselves to giant companies with patent infringement lawsuits, but I wouldn't dismiss On Track's chances out of hand, because it is one of the pioneers of the field, and was so long before NFC became a buzz concept in cell phone payments. Six years ago, when I last held On Track in my portfolio, I wrote about a field trial that the company carried out with leading credit card companies, using Nokia (NOK) telephones, at a time when Nokia was at its peak.

On Track has more than 100 patents and patent applications all over the world in all the niches in which it is active, including the hot niche of NFC. The lawsuit against T-Mobile was apparently filed after the company made the strategic decision last year to leverage its patent portfolio as a source of revenue. A large licensing agreement was announced in the final quarter of 2011, under which "a multibillion dollar corporation" paid On Track $7 million for the non-exclusive use of some of its patents.

2012 is likely to be a very interesting year for investors in On Track, who are extremely frustrated, since it has not made money in a single one of the ten years since its IPO. The company has nonetheless always managed to raise money at high prices, the last round, of $18 million a year ago, having taken place at a price per share of $3, which compares with a market price of $1.65 today. Besides the abovementioned lawsuit, which was filed after careful examination, On Track has become the target of hostile takeover bids by at least two US investment institutions, which are acting separately but which together hold about 22% of the company. Each filed a 13D report indicating that it planned to influence the ownership of the company.

Attractive for takeover

On Track Innovations was founded by Oded Bashan, a former kibbutznik from Kfar Blum, who now runs the company in the Hazor industrial zone. His son Ohad manages the US subsidiary. However, the family owns less than 10% of the shares, so that, at least on paper, the takeover threat exists. The company adopted a "poison pill" strategy, whereby shares are distributed to existing investors in the event of a real threat, but failed to obtain approval for increasing the number of shares at a shareholders meeting two weeks ago, so that, for the time being, the pill lacks poison.

On Track currently has a market cap of $53 million, and around $20 million net cash. Paradoxically, the lawsuit it filed against T-Mobile is actually likely to encourage takeover bids, because if there is substance to the claim, the bidders will redouble their efforts.

In the financials it released in early March, the company gave disappointing guidance for 2012; at best it will break even this year. However, as I say, investors will be focusing on two matters that have nothing to do with the day to day running of the company, and that have very high potential: the lawsuit, and the takeover attempts.

Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2012  

ein Osterei von OTI
http://www.statesman.com/news/local/...d-time-so-drivers-2286258.html  

Sind es gute Zahlen zum ersten Quartal 2012?
Vergleich zur Lizensverletzung der Telekom?
Ein Großauftrag?
Nach dem Osterei könnte meinetwegen der Pfingstbraten kommen.  

Habe nichts gefunden außer einen Börsenbrief für den die 250 USD verlangen. Denke da wird was drinnen stehen wegen Übernahme bzw. Bezahlsystem. Ist aber nur eine Vermutung!
Vielleicht kauft auch die Telekom die Bude einfach und übernimmt die Lizenzen. Für die
Telekom wäre das ja ein Klacks.
Wie gesagt alles nur Vermutung was genaues weiß man nicht.

P.S. an gute zahlen glaube ich nicht, hat sich ja fast nichts getan.  

Ganz schön viel zu lesen bin selber noch nicht durch wollte euch den Artikel mal posten.
Source ist Wallstreet online:

On Track Innovations OTI (OTIV) is an Israeli company with expertise and patents in contactless secure smart card solutions including secure identification and payments. This company has been squandering its opportunity to capitalize on its markets and technology for years now but perhaps it was more a function of market preparedness than poor execution. Now it appears the tide may have turned and the stock is dirt cheap.

The Theme

While OTI is a small company there is a lot to like about it as an investment with strong prospects, in particular its products are well positioned to benefit from an attractive long term theme. In general my stock picking is based on performing a macro to micro analysis: First identifying an attractive long term theme/trend/catalyst (alternative fuel systems?), then filtering down through the different market participants, followed by further filtering those prospects by analyzing the individual businesses products and financials. OTI is exposed to the long term theme of virtual wallets and contactless payment solutions. More interesting than just providing the hardware and software, the company has used its proprietary technology to develop and offer full solutions to a variety of markets. This means the company not only generates revenue from the sale of equipment but also ongoing transactional revenue from the use of its products. The company is also involved in secure identification documents like e-passports and other security cards but while this will continue to generate revenues, it is a competitive field that I pin fewer hopes on. As a matter of fact I think this portion of its business would be a great divestiture to raise some cash and focus on building its contactless payment and transactional businesses.

Coming to America

In a long list of bad Eddie Murphy movies this was a good one. (Still nothing beats 48 Hours or Beverly Hills Cop.) But OTI is also coming to America with its parking technology offering, EasyPark, and that has me more excited about the stock. I live in Toronto and we long ago replaced parking meters with horrible ticket issuing machines. Those things need to go, plain and simple. First, a good percentage of the time they don't work because some gluteus maximus jams something into the coin slot or the credit card reader; or it won't issue a ticket and functions exclusively as an eyesore for crappy local bands to post their playbills on; or there is a line of people waiting on some Luddite who finds the technology too challenging - and on top of everything it's minus -15 and snowing. A payment solution that eliminates such issues would be welcome and has virtually a guaranteed future. EasyPark offers a promising solution along those lines:

The EasyPark device is an electronic in vehicle parking meter placed on the window inside the vehicle on the side next to the curb. The unit contains a visual display which allows the end user or enforcement officer to clearly see the parking details such as zones, time, credit etc. The unit can easily be recharged with parking fees at conveniently located Points of Sale (POS) terminals, or alternatively at home via the EasyPark website. The user is charged only for actual parking time.

Since 2000, EasyPark has been implemented nationwide as a complete parking solution in Israel, with over 600,000 users. EasyPark is the only parking system to date to have been field-tested and used on such a scale, and has been successfully endorsed by both municipalities and drivers. EasyPark has been a success in Israel and OTI's contract was extended in 2010 for additional five years. About 750,000 EasyPark units have been sold in Israel across 42 cities in the country, that's pretty impressive considering Israel's population totals about 7.8 million people. This is a 10% adoption rate and must be growing rather quickly when you consider that the last update on the website claimed a user base of over 600,000.

In June 2008, to expand on this opportunity, the company acquired a French electronic parking solutions company and renamed it "PARX France." This gave OTI immediate entrance into the French electronic parking payment market and EasyPark is now available in over 25 cities in France. In January 2011 the company acquired Ganis Systems Ltd., a competitor providing electronic parking solutions mainly in Europe and North America and are converting customers to the EasyPark system. EasyPark is also being marketed through local franchisers in over 20 cities in Italy and in Bermuda, and is in various stages of deployment in other cities across Europe and North and Latin America.

While having success outside North America is a good thing, in investment markets nobody really cares about anything until it makes a splash stateside. Well here it comes as OTI announced last month Austin TX is the first major U.S city to adopt the EasyPark system. This comes on the heels of its first implementation in the U.S. at the campus of UC Davis in February of 2012.

"We are excited and proud to welcome UC Davis as our first EasyPark implementation in the United States. We appreciate their leadership in deploying this highly effective and efficient solution and are confident that drivers on the campus will benefit greatly from this implementation. "We hope that UC Davis will serve as the model for additional EasyPark implementations at universities and municipalities in California and across the U.S. Similarly, given our renewed sales and marketing focus on the U.S., we look to drive expanded penetration of other OTI platforms such as Contactless Payment and Near Field Communications (NFC), MediSmart and EasyFuel, to deliver secure, turnkey solutions based on unique, high-end patented contactless technology."

This is a significant milestone and when you consider that this technology will proliferate, and in five years or so you will never again see another ticket printing meter, this represents a significant market opportunity. If we can assume a 10% adoption rate where EasyPark is deployed (which is a low ball estimate because ultimately everyone will need some mechanism to park but I'm hedging because competing solutions will certainly present themselves), there are approximately 312 million people in the U.S., so at 10% adoption there are over 30 million potential customers in the US alone.

Payment Solutions

Management's focus on providing technology solutions that result in recurring revenues seems like a good strategy and it differentiates the company from other purely component offering companies. While EasyPark is one interesting platform, OTI is also integral in MasterCard (MA) and Visa s (V) global contactless payment initiatives and has supplied solutions for more than 20 million cards and 130,000 readers for these programs. The company also offers Near Field payment solutions to telecom providers worldwide. OTI's COPNI NFC payment solution allows phones to be retrofit to be capable of completing secure contactless transactions. This is a necessary solution as it will be a long while before all phones come equipped with NFC capabilities embedded and this will happen at different rates in different regions of the world. NFC is expected to be a huge market. OTI's technology allows it to be an early entrant as detailed in a recent press release:

On Track Innovations Ltd., a global leader in contactless smart card solutions, today announced that MTS, Russia's leading communications group with over 100 million subscribers (with over 70 million subscribers in Russia), has chosen OTI's COPNI mobile payment solution for its near field communication ("NFC") projects. OTI is working with SITRONICS Smart Technology as its technological partner in Russia. MTS's NFC program first retail application to be launched later this month will be mobile payment and loyalty program at LUKOIL gas stations.

Oded Bashan, Chairman and CEO of OTI, commented: "COPNI is the ultimate solution for operators, providing them maximum flexibility. It is cost-effective and it allows the MNO to provide solutions to a large existing customer base regardless of the handset type and model, bringing contactless payments and NFC into real life program quickly."

This strategy is starting to show up in financial results as well. In 2011 OTI's licensing and transaction fees grew to $12.1 million or 199%, compared to $4M in 2010.

Other Catalysts

The company has a patent portfolio that includes over 100 issued patents and pending patent applications encompassing product applications, software platforms, system and product architecture, product concepts for Near Field Communications, or NFC, contactless payments, secure ID, petroleum and parking solutions. It seems the value of its NFC patents has come into greater focus recently as in March of 2012 the company launched an action against T-Mobile USA claiming infringement. As evidence of the validity and strength of its patents, in November 2011 the company secured a non-exclusive $7 million core technology license agreement from a multi-billion dollar company. The company has indicated it will continue to attempt to extract more value from its IP portfolio in the future. Investment firm C. Silk and Sons thinks there is unrecognized value in OTI and recently increased its stake in the company from 10.8% to 12.2% in what may be an attempt at a hostile takeover. From an article in Globes:

C. Silk said that it plans to replace its board of directors and CEO, and change its bonus structure for middle managers, and possibly the sale of the company or its assets if the board should be uncooperative.

Conclusions

OTI is well positioned in a variety of growth markets centered around its secure contactless payment technology. At the current valuation of roughly $50 million, the company trades for less than 1x revenues and has about an $18 million net cash position. You are buying shares in a business that was profitable in the most recent fourth quarter and one analyst expects the company to lose .07/share in 2012 on over $50 million in revenues.

Going forward investors have multiple catalysts to drive shares higher from a very low level including expansion of EasyPark globally and most interestingly in the U.S., expansion of its COPNI NFC retrofit solution, expanded efforts to gain licenses for its patent portfolio and litigate infringers and an activist owner that is pushing for change and potential asset sales. I think now is a good time to be long OTIV with very limited downside and the possibility of a 100% or more gain being well with the realm of possible outcomes. At $3/share, OTI's market cap would still be under $100 million while generating over $50 million in revenues and holding almost $20 million in net cash and the shares would still appear inexpensive. It wouldn't be much for another much larger NFC player like $6 billion market value NXP (NXPI) or $3.5 billion Atmel (ATML) to shell out $150 million for OTIV to grab its IP and customers.

Disclosure: I am long OTIV.  

OTI Receives Order for 30,000 NFC and Contactless Payment Readers to be Deployed in the U.S.
Majority of the Readers to be Delivered in 2012

OTI's NFC Solution to be Demonstrated at the NFC Solutions Summit in San Francisco, CA on May 22-24, 2012

ISELIN, N.J., May 15, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV - News) announced today that the Company has received an order for 30,000 Near Field Communication (NFC) and contactless payment readers. The OTI readers will be deployed across the United States. OTI plans to deliver majority of the readers to the customer during 2012.

With its SCI OEM integrated solution and the Saturn outdoor and indoor line of readers, OTI readers provide an easy, cost effective plug-and-play solution to support the migration toward contactless payment and NFC, necessary to support the increasing adoption of NFC payment technology across the world. OTI's NFC readers are certified by the world's major credit card associations -- including MasterCard, Visa, American Express and Discover for their contactless programs. Also, OTI's state of the art manufacturing facilities and products received the prestigious Terminal Quality Management (TQM) certification from MasterCard. The TQM scheme was created by MasterCard to ensure that the functionality of chip terminals, as certified during type approval testing by EMVCo, can be sustained throughout a manufacturing cycle.

"We are excited to support the rapidly growing use of NFC and contactless payment in the U.S. Our readers provide a robust and durable solution that assures superior user experience at the point of sale," said Oded Bashan, OTI's Chairman and CEO. "This order is part of our efforts to work with our customers to provide the infrastructure for contactless payment as customer demand for NFC enabled devices expands," Mr. Bashan concluded.

OTI is a pioneer in the contactless payment market and supported MasterCard and Visa, among others, in the creation and implementation of contactless transaction processing and payment solutions. OTI provides NFC enabled devices and reader solutions including its COPNI ("Contactless Payment and NFC Insert") device that adds NFC capability to existing mobile phones.


OTI holds extensive intellectual property portfolio, including over 100 issued patents and pending patent applications encompassing product applications, software platforms, system and product architecture, product concepts and more in the fields of NFC, contactless payment, secure ID, petroleum and parking solutions. Among OTI's portfolio is U.S. Patent No. 6,045,043 that covers a design critical for Implementing NFC in Mobile Phones and U.S. Patent No. 8,090,407 which covers the capabilities necessary to turn existing mobile handsets into contactless NFC capable devices through contactless smart SIM technology and concept.

OTI is presenting at the Smart Card Alliance NFC Solutions Summit on May 22-24, 2012 at the Hyatt Regency San Francisco Airport, booth #206. During the Summit, OTI will demonstrate several of its NFC and contactless payment products.  

Hallo,
wie ich schon lange sage: Oti hat top Produkte, bringt die p.s. aber nicht auf die Straße. Aus dieser Firma mit diesem geistigen Eigentum müßte viel mehr gemacht werden. Die Aufträge kommen spärlich, aber wenigstens kommen sie noch. Noch habe ich oti nicht abgeschrieben. Hoffe, daß endlich mal der turnaround gelingt. Aber da muß mehr passieren.
Durchhalten!!!!  

finde ich: OTI verkauft noch in diesem Jahr 30.000 Lesegeräte. Der Verkaufswert liegt gemäß einer früheren Meldung bei ca. $100.

Das ist das Geschäft, auf das wir gewartet haben. Wenn danach 300.000 Lesegeräte bestellt würden ...  

Geräte nur ein Feldversuch in US ist, hoffentlich ist die Akzeptanz der Kunden groß. Würde aber selbst die praktische Funktion nutzen, weil mit der code eintipperei ist das schon ein
Krampf.  

dass jetzt eine bedeutende Menge an Lesegeräten im wichtigsten Markt USA verkauft worden sind. Wir können uns also Hoffnungen machen, dass OTI einen Teil des Bedarfes beliefern kann. Uns genügt ja nur ein Bruchteil. Letztendlich wird JEDE Verkaufsstelle ein Lesegerät brauchen, vom einfachen Kiosk bis zum großen Supermarkt.

Anmerkung: Vorletzte Woche habe ich von meiner Krankenkasse Barmer GEK die Mitteilung erhalten, dass bis Jahresende 70% der Versicherten mit kontaktlosen elektronischen Karten ausgestattet werden sollen. Spätestens danach brauchen alle Ärzte, etc. solcherat Lesegeräte.  

die OTI equipment verwenden  :-)  ???  

ISELIN, N.J., May 23, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd., (OTI) (Nasdaq:OTIV - News), a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, announced today that it will report financial results for the first quarter of 2012 on Thursday, May 31, at 9:00 a.m. Eastern Daylight Time. The Company has scheduled a conference call and simultaneous Web cast that will be hosted by Oded Bashan, Chairman and CEO, Ohad Bashan, President and Tanir Horn, CFO.

Wenn ich mich nicht verrechnet habe sollte das um 14:00 Uhr unserer Zeit passieren.
Zu den Zahlen selber erwarte ich mir leider nicht viel...........

Steigender Umsatz sinkende Kosten aber kein Break even in Sicht. Loss paar millionen USD  

Würde ich auch so sehen. Im letzten Quartalsbericht wurden Kostenreduzierungen angekündigt. Eventuell hält man sich mit Voraussagen von großen Aufträgen zurück und versucht jetzt mit "Bescheidenheit" aufzutreten und damit Vertrauen zu gewinnen.

 

•Positive Operating Cash Flow of $482,000
•Revenues of $12.6 Million
•Strong Balance Sheet with $27.8 Million in Cash, Cash Equivalents and Short Term Investments
ISELIN, N.J., May 31, 2012 (GLOBE NEWSWIRE) -- On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV - News), a global leader in contactless technology, that designs, develops and markets secure identification, payment and transaction processing technologies and solutions for use in secure ID, NFC, payment, petroleum and loyalty applications based on its extensive patent and IP portfolio, today announced its results for the quarter ended March 31, 2012.

Financial Highlights:

•Operating cash flow increased to $0.5 million from ($0.8) million for the first quarter of 2011
•Total revenues increased by 5% to $12.6 million from $12.0 million for the first quarter of 2011
•Licensing and transaction fees revenue increased by 9% to $1.3 million from $1.2 million for the first quarter of 2011
•Gross margin was 50% compared to 53% for the first quarter of 2011
•Operating expenses increased by 11% to $7.7 million from $7.0 million for the first quarter of 2011
•Net loss attributable to shareholders was $1.6 million, from $0.6 million last year.
•Adjusted EBITDA loss of $0.7 million from a profit of $0.4 million for the first quarter of 2011
•Cash, cash equivalents and short-term investments of $27.8 million as of March 31, 2012
Operational Highlights:

•U.S. patent received for adding contactless capability to existing mobile handsets through contactless smart SIM technology and concept.
- Patent infringement lawsuit filed against T-Mobile
•Received a $6.9 million contract to supply an electronic immigration control system in Panama
•EasyPark(TM) solution introduced to the U.S. market with initial projects in Austin, TX and the University of California Davis
•PARX launched new EasyPark patented integrated information and payment system  

gefunden:

•Strong balance sheet with cash, cash equivalents and short-term investments of $28.5M at December 31, 2011.

Heißt eigentlich sie haben im ersten Quartal "nur" 700.000" USD verbraten  

Ich denke auch, dass die Zahlen vom ersten Quartal 2012 nicht so schlecht sind und sogar zu den besseren der ganzen Geschichte zählen. Im ersten Quartal des Vorjahres 2011 konnte noch der 30 Mio.$ Auftrag abgearbeitet werden und in diesem Jahr lag im Vergleich dazu der Umsatz sogar leicht höher. Die Lizenseinnahmen stiegen auch etwas an.  

oti hat wieder nix besonderes erreicht. Sie haben t-mobile verklagt, Ergebnis wann und wie offen. Der letzte Kursanstieg kam m.Meinung nach größtenteils zu Stande, weil ein paar Börsenbriefschreiber Übernahmephantasien haben. Aber alles nur Hoffnung in die zukunft, wie ich schon mal hier geschrieben habe.
Jetzt müssen endlich mal die Zahlen stimmen.
Glaube ja, wie hoffentlich jeder hier, an das Gute in Oti.  

On Track Innovations: Management Under Attack
June 5, 2012  | 1 commentby: Edward Schwartz  |  about: OTIV Rosh Pina, a town in northern Israel, is the home of On Track Innovations (OTIV). The company headquarters is a modern, state of the art facility, and offers employees a first-class work environment. Oded Bashan, the company's chairman and CEO, is a beloved father figure to OTIV's employees, and when employment vacancies appear, they are filled quickly.

Unfortunately, this picture of Oded Bashan is not the one perceived by the investment community. After 20 years in business, the company has not shown a profit from operational revenues. Five years ago, Ohad Bashan, Oded's son, become company President. Operational revenues for the past 5 years have grown 6% (compounded annually). Would you consider this growth rate acceptable for a micro cap company? I don't.

The company was the first company to enter the Near Field Communications (NFC) industry and has developed over 100 patents and patents pending. Unfortunately, the company has been ineffective in its marketing efforts. For the past 5 years, the company has made little effort to develop the United States market. Ohad Bashan temporarily relocated to the United States in October of 2011 to "analyze" and rejuvenate this market, and is returning to Israel in July, 2012, having hired 3 employees to market the company's products in North America. In my opinion, this is like having a minor league team playing for the World Series.

The one question I ask myself every day is "If Oded and Ohad were running my company, would I still employ them after reviewing their dismal track record"? Fortunately shareholders in this company have a chance to make a difference. At the next annual meeting, shareholders will vote to keep/remove Oded Bashan from his dual role as company chairman and CEO.

"Under the Companies Law, neither the Chief Executive Officer of a public company nor a family member thereof or any person directly or indirectly subordinate to the Chief Executive Officer, may serve as a Chairman of the Board of Directors, and vice versa, unless authorized by a general meeting of the shareholders and then only for a period of time that does not exceed three years. On December 11, 2009, our shareholders authorized our Chairman, Oded Bashan, to act as our Chief Executive Officer for an additional three-year period." (taken from OTIV's 20F Filing April 11, 2012)

Moreover, Ohad's board seat will be up for reelection in December 2012. These two votes may surely fail, as the company has two dissident shareholders who have filed 13D filings. It is also important to note that shareholders defeated a proxy in March 2011 which would have allowed the company to defend against a hostile takeover. This proxy defeat, in my opinion, has put the company's board of directors and management on notice that shareholders are unhappy with the direction the company is taking. I'm concerned that Oded and Ohad's primary motivation is to maintain their control of the company in lieu of their fiduciary obligation to shareholders.

This whole scenario reminds me of Richard Nixon's presidency after the Watergate burglary was discovered. Management, like Nixon, is struggling to keep its lucrative job, stock options and bonus considerations, while shareholders would prefer a change. In my opinion, the company's board of directors is in a quandary. The Bashan's have not increased shareholder value. In fact, shareholder value has fallen from a high of $17 in 2005 to its current level of $1.55, and I attribute that to the current management team of OTIV. I do not see a near term catalyst in sight to improve shareholder value (with the exception of a law suit against T-Mobile whose settlement could be 2 years away). The simple mathematics says that under this management team, shareholder value has been destroyed.

I feel that management has mislead shareholders in recent Turkcell and Lukoil press releases by implying that these deals were full blown roll outs. When questioned during the Q1 2012 conference call, Ohad admitted that these were trials (for revenue purposes). For years, the Bashan's have told shareholders that they are making "progress", but there is no way to quantitatively measure this "progress". Furthermore, Ohad Bashan also stated in the same conference call that the company would not be sequentially profitable until 2015.

The only real value I perceive is in OTIV's patent portfolio, an item which does not appear on the company's balance sheet, but which may be the key ingredient for all of NFC technology. In my opinion, OTIV will never achieve its full net worth with the Bashan management team, and I feel that it's in the best interest of the company's shareholders that OTIV be sold. DAYENU!  

Danke für die Info. Quelle?????  

von Edward Schwartz in seeking alpha ist hammerhart. Sie drückt sehr gut unseren geballten Frust aus: Trotz Chancen und technisch guter Aufstellung schafft es das Management und der Vertrieb nicht, in die Erfolgsspur zu kommen.