TEL AVIV, Israel, Aug. 16, 2011 (GLOBE NEWSWIRE) -- Top Image Systems™, Ltd. (TIS™) (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) solutions provider, announced that the Company has repurchased an additional 2.9M outstanding Series A convertible debentures. This repurchase follows the 2.04M debentures repurchased in a tender that the company offered through August 1, 2011. Altogether, in the last month the Company has repurchased 4.94M outstanding debentures, thus reducing its debt by more than 25%.
Commented Ido Schechter, CEO Top Image Systems, "Thanks to our highly satisfactory performance in the first half of 2011, TIS has been able to leverage its positive cash position to confidently take steps to proactively reduce our debt. The activity has further improved the financial outlook for the Company's future financial stability and continued growth. The combination of the annual growth in sales and operational revenues together with our bold financial strategy indicate that 2011 will be a very good year for TIS."
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.
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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.