TEL AVIV, Israel, July 31, 2014 (GLOBE NEWSWIRE) -- Top Image Systems™ (TIS™) Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider, today announced that its Board of Directors has resolved to voluntarily delist the company's ordinary shares from trade on the Tel Aviv Stock Exchange (TASE). In accordance with the decision, Top Image Systems is applying to request that the TASE initiate the delisting process. Shares of Top Image Systems will continue to be quoted on the Nasdaq under the ticker "TISA".
The decision to delist was made as part of Top Image's commitment to penetrate the U.S. market, and in an effort to streamline duplicative administrative functions. Top Image believes the single listing on the Nasdaq market provides a highly liquid, transparent and identifiable market for the Company's stock.
"The low volume on the Tel Aviv Stock Exchange does not justify the cost and work required to support a dual-listing, and we believe Top Image Systems will benefit from a single listing on the world's largest exchange," commented Izhak Nakar, Active Chairman of Top Image Systems. "In addition, during 2014 we expect to augment our position in the United States market, so listing our shares only in the U.S. makes strategic sense."
Under Israeli law, the delisting of ordinary shares of a dual-listed company such as Top Image Systems from trade on the TASE becomes effective three months after the date of application to the TASE. During the interim period, the company's ordinary shares will continue to be traded on the TASE. Top Image Systems will publicize the exact date of the delisting as soon as it is determined.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS' flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Top Image Systems 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.