TEL AVIV, Israel, Feb. 23, 2009 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, today announced that Mr. Izhak Nakar, Chairman of the Board of Directors, and Dr. Ido Schechter, CEO, purchased the full shareholdings of Charterhouse Group International, amounting to a total of 1,687,810 shares in Top Image Systems.
Dr. Ido Schechter purchased 405,075 shares amounting to 4.5% of the outstanding shares of the Company. Mr. Izhak Nakar purchased 1,282,735 shares (14.4% of the outstanding shares), through an investment company under his full control that specialises in investment in high technology companies.
Mr. Izhak Nakar, Chairman, commented, "The purchase of a large block of shares by myself and the CEO, removes an overhang in the market and sends a strong message that we believe in TIS' long-term and successful future. We have both become major stakeholders in the Company. We will continue to work hard to bring success to TIS and ultimately increase shareholder value."
About Top Image Systems
Top Image Systems (TIS) 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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