TEL AVIV, Israel and COLOGNE, Germany, June 13, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, has won a $1.2 million contract to provide the eFLOW® Forms Classification solution to process the 2013 Bosnia and Herzegovina Population Census. The pilot is to be running by October 2012 with full production scheduled for April 2013.
The Census is charged with measuring the population of an estimated 4 million; eFLOW has been selected to process some 20 million pages of forms written in both Latin and Cyrillic languages at the central processing center in Sarajevo. Top Image Systems is carrying out the project together with Scytl, a company with whom TIS will also be partnering in their primary area of specialization - election processing solutions.
Running a reliable census is critical for the country, as it is one of the two conditions stipulated by the European Commission as a condition for Bosnia & Herzegovina to join the European Union. As the country has not held a census in over two decades, it lacks accurate population statistics, which has held back progress in many social, civic and economic domains.
"Top Image Systems is enthusiastic and proud to have been selected to carry out a project of such critical importance for Bosnia & Herzegovina, as well as for the European Union. We are glad to employ our extensive international experience and long-term expertise in implementing census projects to ensure that the Bosnia & Herzegovina Census project be carried out on schedule and to full specification," commented Michael Schrader, Managing Director, TIS EMEA. "Considering our success to date in Europe, in censuses implemented most recently in Germany and Italy, as well as in projects around the globe, from South Africa to Argentina to India, Thailand and Vietnam, we are confident that this project will be implemented without flaw."
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 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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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.
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