TEL AVIV, Israel, Sept. 6, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™ (TIS™), Ltd. (Nasdaq:TISA), the leading ECM (Enterprise Content Management) solutions provider, today announced that following the recent repurchase of 15.2M outstanding Series A convertible debentures, it will execute a forced early repayment of all remaining outstanding convertible debentures in the amount of NIS 3.8M ($1.1M). This forced repayment will eliminate the Company's debt.
The Company is offering repayment at the full value of the debenture, which is equivalent to 1 NIS par value. The effective date for the forced early repayment will be October 2, 2011.
Dr. Ido Schechter, CEO of Top Image Systems, stated, "The forced early repayment of the Company's remaining outstanding debentures is the final step in a gradual process that TIS has undertaken to reduce its debt. This repayment is a contributing factor to the Company maintaining its long-term financial stability."
About Top Image Systems (TIS)
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 and strategic partners. Visit the company's website www.topimagesystems.com/" target="_top" rel="nofollow">www.topimagesystems.com for more information.
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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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," 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, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, 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.