On Christmas Eve, it is perhaps appropriate that our last featured stock before the holidays refers to a company headquartered in the Holy Land.
Israeli-based On Track Innovations Ltd. (OTC:OTIVF) came out with news Monday that it had entered into a share purchase agreement with Jerry L. Ivy, Jr. Descendants' Trust and two other investors who are members of the Company's Board of Directors.
The Agreement relates to a private placement of an aggregate of up to 12,500,000 ordinary shares of the Company at a purchase price of $0.20 per share, for aggregate gross proceeds to the Company of up to $2,500,000.
OTIVF is a global provider of near field communication and cashless payment solutions
Said CEO Yehuda Holtzman, "Mr. Ivy, together with two of our directors have shown this investment as a vote of confidence in OTI. We intend to use these funds to support OTI's growth."
OTIVF shares neared the close on Christmas up a penny, or 6.3%, to 17 cents, in sparse trading of 14,000 shares.
