TEL AVIV, Israel, Feb. 12, 2009 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today that it has repurchased some of its outstanding Series A convertible debentures. The debentures repurchased had an aggregate par value of 6.69 million NIS (approximately US$ 1.65 million). The debentures were repurchased at an average price of 0.474 NIS (approximately US$0.12) per 1.00 NIS par value unit.
On March 12, 2008, TIS announced that the Company's Board of Directors had approved the payment of up to US$2.5 million (approximately NIS 9 million) to repurchase outstanding Series A convertible debentures that the Company issued on December 18, 2006 on the Tel Aviv Stock Exchange. Excluding the repurchase reported hereby, the aggregate payments that the Company has made for such repurchases to date are approximately US$1.34 million.
The Company reports this acquisition in accordance with an instruction issued by The Israel Securities Authority (ISA) under section 36A(b) of the Securities Law, 1968 RE: Disclosing Programs of Repurchase and Repurchases.
Pursuant to the terms of the prospectus governing the Series A convertible debentures, the debentures repurchased will be canceled and removed from trading on the Tel Aviv Stock Exchange. The remaining Series A convertible debentures in circulation will be unaffected by this transaction.
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 www.TopImageSystems.com for more information.
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"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:
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.