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In the first full year since a takeover ousted former CEO and co-founder Oded Bashan, Israel-based NFC and contactless company On Track Innovations showed some progress in its efforts to turn around the chronically unprofitable company, in part by focusing on sales of contactless point-of-sale terminals.

Israel-based NFC and contactless technology vendor On Track Innovations will ship 40,000 contactless payment readers to the U.S. by the end of 2013 as part of a $10 million, three-year contract.

Inside Secure co-founder Bruno Charrat, who helped guide the NFC and contactless chip vendor’s technology roadmap for more than 17 years, has left the company.

Israel-based contactless and NFC vendor On Track Innovations today reported revenue fell by 22% in 2012 to US$40 million, and losses widened to $17.4 million for the year.

The board of Israel-based On Track Innovations has named a new CEO to lead the struggling contactless and NFC vendor, following the ouster in December of company co-founder Oded Bashan from the post.

Facing growing pressure from a dissident shareholders group, Oded Bashan has submitted his resignation as chairman of Israel-based contactless and NFC vendor On Track Innovations, a company he co-founded 22 years ago.

Two members of the board of Israel-based On Track Innovations have resigned, following pressure from dissident shareholders seeking to capture control of the board of the financially struggling contactless and NFC supplier.

The second-largest shareholder of Israel-based contactless and NFC vendor On Track Innovations is keeping up the pressure as he and his allies wage a battle for control of the company against its board and co-founder, Oded Bashan.