Top Image Systems Announces Repurchase of Outstanding Convertible Debentures

Company Repurchases Altogether 15.2M Outstanding Debentures, Eliminating 80% of Its Total Debt With Remaining Debt Valued at $1.1M


TEL AVIV, Israel, Aug. 30, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) solutions provider, announced today that the Company has repurchased an additional 10.3M outstanding Series A convertible debentures. This repurchase follows the 4.9M debentures that have been obtained through August 11, 2011. Altogether, Top Image Systems has repurchased 15.2M outstanding debentures, thereby reducing its debt by more than 80%. To date, the total amount of debentures still outstanding has been reduced to 3.8M, equivalent to $1.1M.

Ido Schechter, CEO of Top Image Systems, stated, "This sizeable repurchase of our outstanding debentures represents yet another step in a series of assertive actions taken by TIS to actively reduce our debt. By using its liquid assets to significantly reduce its debt, TIS continues to demonstrate not only its determination to make 2011 an exceptional year, but also its commitment to the Company's long-term financial health." 

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 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.

The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212

Caution Concerning Forward-Looking Statements

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that are not historical facts and that reflect the Company's expectations, beliefs, projections, future plans and strategies, anticipated events or trends.  For example, statements related to the Company's future financial condition or results of operations, management's strategies and objectives and expected market growth are forward-looking statements.  Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "intends," "plans," "predicts," "anticipates," or "potential" and similar expressions.  Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company's actual results, performance or achievements, or industry results to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements.  Such risks and uncertainties include, but are not limited to, quarterly fluctuations in the Company's results of operations; the level of indebtedness and ability to make debt payments; unstable conditions in the global economy and capital markets; future acquisitions that could require significant resources or result in unanticipated adverse consequences; competitive pressures in the data capture and automatic form processing markets; the success of the Company's strategic marketing relationships; the Company's ability to continue technological innovation and successful commercial introduction of new products; the Company's history of losses and the potential for future losses; the Company's ability to protect intellectual property and other proprietary information; political or financial instability in the countries where the Company does business; exposure to currency fluctuations; and other trends, risks and uncertainties described in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission.  If any of these trends, risks or uncertainties actually occurs or continues, the Company's business, financial condition and results of operations could be materially adversely affected.

Forward-looking statements contained in this news release are based on the Company's current plans, estimates and projections, and, therefore, investors should not place undue reliance on them as a prediction of future results. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.



            

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