On Track Innovations Ltd. (NASDAQ:OTIV) Files An 8-K Other EventsItem 8.01.Other Events.
As previously reported by On Track Innovations Ltd. (the “Company”) in prior filings with the Securities and Exchange Commission, on September 2, 2012 the Company filed an insurance lawsuit in the Israeli Central District Court against Harel Insurance Company Ltd. for damages incurred by the Company due to flooding in a subcontractor’s manufacturing site, in the amount of approximately $11 million (the “Harel Lawsuit”).
On August 23, 2017, the Company was awarded a judgement of approximately $2.3 million in the Harel Lawsuit, payable within 45 days.
About On Track Innovations Ltd. (NASDAQ:OTIV)
On Track Innovations Ltd. is a developer of cashless payment solutions. The Company’s segments include Retail and Mass Transit, Petroleum, Parking and Other. The Company offers solutions for banking, mobile network operators, vending, mass transit, petroleum and parking. The Company provides its customers with training and installation support, customer service and technical support. Its PayEnable technology can be implemented into a range of products. Its Retail and Mass Transit products include TRIO mPOS, Pico BT, WAVE, WAVE PKI, oti SATURN 6700 UNO, oti SATURN 6500 TRIO and oti SCI 6000. It also offers otiMetry and oti CONNECT 3000. Its EasyFuel Plus solution is a wireless, cashless, cardless and paperless refueling tracking and payment solution. Its EasyPark set of parking solutions provides parking fee collection, parking payment enforcement and parking management solution. Its MediSmart solution is an information management and claims submission system for the medical sector.
