Top Image Systems Shareholders Approve Acquisition by Kofax
April 04 2019 - 4:35PM
Top Image Systems Ltd. (the “Company” or “Top Image Systems”)
(NASDAQ:TISA) announced that, at an extraordinary general meeting
held today, the shareholders of the Company voted overwhelmingly to
approve the previously announced acquisition by Kofax. Quorum was
achieved with 99% of the voting shareholders approving the merger.
Top Image Systems expects the merger to close during the second
week of May.
Brendan Reidy, CEO of Top Image Systems, commented, “We're
extremely pleased with today's vote. I’d like to congratulate our
shareholders, and I’m looking forward to TISA becoming a part of
the Kofax family.”
About Top Image Systems Top Image Systems™
(TIS™) Ltd. is a global innovator of on-premise and cloud-based
applications that optimize content-driven business processes such
as procure to pay operations, remittance processing, integrated
receivables, customer response management and more. Whether
originating from mobile, electronic, paper or other sources, TIS
solutions automatically capture, process and deliver content across
enterprise applications, transforming information entering an
organization into useful and accessible electronic data, delivering
it directly and efficiently to the relevant business system or
person for action with as little manual handling as possible. TIS’
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 https://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, the risk that the merger may not be completed in the
expected timeframe or at all, which may adversely affect TIS’s
business and the price of the common stock of TIS, the failure to
satisfy the remaining conditions to the consummation of the merger,
the effect of the pendency of the merger on TIS’s business
relationships, operating results and business generally, risks that
the merger disrupts current plans and operations and the potential
difficulties in employee retention as a result of the merger, risks
related to diverting management's attention from TIS’s ongoing
business operations, the occurrence of any event, change or other
circumstance that could give rise to the termination of the Merger
Agreement, the risk that TIS will need to pay a termination fee to
Kofax, 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.
TIS Investors Contact: James Carbonara,
Regional Vice President, Hayden IR james@haydenir.com + 1 646 755
7412
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