TEL AVIV, Israel and COLOGNE, Germany, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, announced today that the Company has been contracted by CBSL Group India, one of India's primary document management suppliers, to process some 50,000 forms per day for one of the largest ID digitization projects, currently under way in India. In parallel, Top Image Systems and CBSL Group India have reached an agreement to provide enterprise capture and content management solutions across India. Top Image was selected for the project by CBSL Group India, a leading Indian service provider in the area of digitization and data processing, document imaging, banking equipment and services that processes approximately 1.5 million documents per day. CBSL will use eFLOW to automate the processing, enabling them to efficiently and accurately collect all relevant ID data in various formats and deliver it securely to the project's master database and core systems. Top Image Systems is not new to the Indian document management market, having been selected by the Indian Office of the Registrar General (ORGI) in 2001 and again in 2011 to carry out the Indian population census project, the second largest census project in the world. Remarked Mr. Anuj Khurana, Managing Director of the CBSL Group, "We are extremely pleased that thanks to the high-speed recognition and remarkably high document volume capacity of eFLOW, our team has been able to increase the process efficiency of the process by at least 50%. We have decided to deploy eFLOW Forms as our primary document processing software in Delhi and at other processing centers all around India. We are proud to cooperate with Top Image Systems in India and plan to contend for numerous Indian governmental and enterprise document processing projects e.g. in Tax Administration, Banking, Telecommunications and more." "Top Image Systems is proud to be part of this historical undertaking, which is leveraging state-of-the art IT technologies to fulfill clients' critically important social, economic and demographic goals," comments Dr. Ido Schechter, CEO, Top Image Systems. "As a component of this ambitious project, eFLOW will combine its capabilities for high performance, high-volume, high-speed intelligent data recognition with the latest innovations in biometrics, data analytics and other related fields that will enable exciting new financial, telecommunication and civic applications that will have relevance not only for India but for virtually every technology market around the world."
About CBSL GroupEstablished in the year 1950 under the name of Khurana Brothers by its Chairman and founder Mr. V.P.Khurana, the group has expanded its offerings in varied areas represented by its 5 associated companies. Beginning with manufacturing of Loose Leaf Binders, CBSL later diversified its activities in the high-tech field to Security Printing, Document Imaging, Banking Equipment & Services and Records management services. About Top Image Systems Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS' eFLOW Platform is a common platform for the company's solutions which is 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. The Top Image Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4212 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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