TEL AVIV, Israel, Jan. 21, 2008 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today the election of Aliza Sharon and Asi Karfiol to its Board of Directors. The election was held at TIS's annual shareholders meeting held on December 20, 2007 in the company offices in Tel Aviv.
Mrs. Sharon is managing partner and owner of a Tel Aviv firm of certified public accountants. The firm was established in 1993 and is involved in audits, consultation, management and internal audits of Israel's largest companies and institutions. Mrs. Sharon also serves as a member of the board of directors of Israel Aircraft Industries Ltd, University of Haifa and Azorim Investments and Building Construction Ltd., and holds a license to practice as a Certified Public Accountant and a Bachelor of Arts in Economics. Mrs. Sharon has over 25 year experience in auditing, guiding and managing companies, private as well as public, in various industries.
Mr. Karfiol served in various positions in the field of Venture Capital. From 2001 through 2007, Mr. Karfiol had served as general partner at Hyperion Israel Venture Partners. From 1995 through 2001, Mr. Karfiol held various Vice President positions at Ascend Venture Capital, an Israeli venture capital fund, and at ITI, an American-Israeli investment company. Prior to that, Mr. Karfiol had served as Marketing Manager for the Keter Plastics Group and as General Manager of a strategic international marketing consulting firm for leading Israeli corporations. Mr. Karfiol holds a BSc (summa cum laude) in Electrical Engineering and an MBA (magna cum laude) from Tel Aviv University. Mr. Karfiol has professional expertise and experience in cross-border business development of companies in a range of industries as well as a strong familiarity with the international venture capital (VC) market.
"We are extremely pleased to welcome Aliza and Asi to TIS's Board of Directors," said Dr. Ido Schechter, CEO of Top Image Systems. "Their addition enhances our Board's reputation as a strong, independent governing body that can contribute to the success of our business. As accomplished executives in international organizations, both Aliza and Asi bring a wealth of management and financial experience to TIS that will help position us for continued growth and success as a leader in the input management space."
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'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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"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:
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. 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.