TEL AVIV, Israel, Jan. 19, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today that it has reached a settlement with the holders of its debentures (Series A).
Dr. Ido Schechter commented: “We are pleased that the settlement was accepted by our debenture holders. This is a significant stage in the company’s development. We have just finished an excellent 2009 and are confident about our prospects for 2010. The new debt structure better positions us to continue to execute according to our plan.”
According to the principles of the settlement, TIS paid approximately $2.1 million with an additional approximate $0.9 million due June 30, 2010. The remainder of the debentures will be paid in seven equal annual installments. Interest will be at 9% per annum.
The settlement agreement allows TIS to prepay the remainder of the unpaid debentures. Such prepayments will be made in exchange for 87% of the remainder of the debentures trust and the accumulated interest at the date of payment.
About Top Image Systems
Top Image Systems is the leading innovator of enterprise solutions for intelligent document recognition, data extraction and validation of content entering organizations from various sources. Whether originating from electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization, such as ERP, CRM, IPS, PPC-systems and other operational application systems. 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 and direct sales. Visit the company's website http://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, 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.