SOURCE: Top Image Systems Ltd.

September 06, 2005 08:00 ET

Top Image Systems Announces Resignation of Board Member

TEL AVIV, ISRAEL -- (MARKET WIRE) -- September 6, 2005 -- Top Image Systems, Ltd. (NASDAQ: TISA), a leading innovator of Data Capture solutions, announced today that Mr. Tom Lavey has resigned from the company's board of directors for personal reasons, and that no decision as to a replacement has been made at this time. Mr. Tom Lavey joined the TIS Board of Directors in August 2002.

"Mr. Lavey has contributed greatly to the Company's strategy and success during his tenure," said Dr. Ido Schechter, Chief Executive Officer of TIS. "We appreciate Mr. Lavey's effort on behalf of TIS, but we understand his need to focus on other areas and we wish him well."

Mr. Lavey said: "I have served as chairman of the Top Image Systems Board for the agreed-upon three-year term. A new executive position I have recently taken will consume my time and therefore have decided not to pursue an additional term. Nevertheless, I am very comfortable with the current strategy and leadership of Dr. Ido Schechter and his management team, and wish the company the best of success in the future."

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' eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website for more information.

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. 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 the Company 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), the Company's ability to successfully integrate TIS Japan, 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.

Contact Information

  • Contacts:
    Adi Granot
    Investor and Public Relations Manager
    Top Image Systems Ltd.
    +972 3 7679114
    Email Contact