TEL AVIV, Israel, July 8, 2008 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA), the leading innovator of intelligent document recognition, announced today that it has signed a $3 million, 5-year master licensing agreement with a major international bank and its subsidiaries to implement its eFLOW intelligent information processing platform.
After benchmarking the leading vendors of document capture solutions for several years, TIS's eFLOW Platform surfaced as the highest quality solution in terms of technology, flexibility, and back office integration.
eFLOW has already been installed in the customer's Malaysian offices, and roll outs are expected at corporate offices in 15 additional countries in the Asia Pacific region. Under the terms of the agreement, TIS has become an approved and certified vendor to this leading bank and all of its subsidiaries worldwide, including other divisions.
Chief Executive Officer of Top Image Systems Dr. Ido Schechter commented, "This was a major win for our company. This leading bank chose TIS over several major competitors, solidifying our leadership position in the Asia Pacific region and adding significantly to our revenue backlog. Further, as an official supplier to this customer and its subsidiaries, our sales teams can now leverage the leading bank's global network to create new revenue opportunities and continue to assert ourselves in the market."
About Top Image Systems
Top Image Systems is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value added resellers as well as strategic partners. Visit the company's website at www.TopImageSystems.com for more information.
Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements regarding future operating or financial performance. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
The Top Image Systems logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4212