TEL AVIV, Israel, May 26, 2010 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today it has been awarded the 2011 Indian population census project.
The Indian census is the largest census project in the world and will be conducted in two phases: the first phase is the Housing and Houselisting Census, which should be completed by September 2010. The second phase of the census is expected to begin in February 2011. More than a billion people will be identified, counted and recorded. TIS' eFLOW will capture, extract and process the relevant data.
Following the success of the previous Indian census project, which took place in 2001 and in which TIS' eFLOW was the technological infrastructure, the Indian statistical office, Office of the Registrar General (ORGI) has selected TIS's most advanced software solution, eFLOW4.5, to be installed in 16 processing centers. It will process at least 20% more forms than in 2001. eFLOW4.5 features revolutionary capabilities including a Web 2.0-based data entry tool that allows users to manage documents securely from any browser-based environment.
This recent accomplishment follows TIS strategic decision to address the round of census projects that will be conducted worldwide starting in 2010 as well as recent wins in Belarus and Vietnam. TIS has accumulated extensive knowledge and experience in census projects over the past 12 years, conducting census projects in more than 17 countries including Turkey, Brazil, Ireland, Scotland, South Africa, Italy and Cyprus. It holds the largest market share worldwide in the processing of census projects and is the leader in the design, development and implementation of census and other high-volume government form processing projects.
"Based on our investment in TIS' eFLOW software during the 2001 Census, and our positive experience with the eFLOW solution, the knowledge and experienced gained by ORGI combined with the knowledge and experience gained by TIS in census projects worldwide, we see TIS as the trusted partner for this highly important project," said Dr. C. Chandramouli, Registrar General and Census Commissioner.
"TIS has created a wide variety of solutions for national governments, enabling them to efficiently and accurately process high volumes of information. Up-to-date population and housing census information is critical for decision-making by governments on a wide range of policy issues," commented Dr. Ido Schechter, TIS CEO. "eFLOW4.5 was designed and developed to address the special requirements of such complex projects, providing the users with maximum flexibility, fail-over and pristine data extraction. Thin client capabilities are enabled by the Web 2.0-based data entry tool, and multiple applications can run simultaneously without compromising data accuracy and integrity."
About ORGI
The Office of the Registrar General (ORGI) is responsible for conducting the decennial Census, and is responsible for generating data on population statistics including Vital Statistics and Census. This office is also entrusted with the responsibility of implementing the Registration of Births and Deaths. The ORGI operates under the Ministry of Home Affairs, Government of India. Visit ORGI web site - http://www.censusindia.gov.in
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' 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 http://www.TopImageSystems.com for more information.
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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 such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. 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.