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Technology Stocks : Top Image Systems Ltd. (TISA)
TISA 0.850-0.5%May 6 5:00 PM EST
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To: Fraser Parsons who wrote (270)7/27/1999 12:23:00 PM
From: Skywatcher  Read Replies (1) of 436
 
Top Image Systems Advocates SEC Investigation Into Stock Promotion by Globus Group 'Spam'
TEL AVIV, Israel, July 27 /PRNewswire/ -- TiS - Top Image Systems, Ltd., (Nasdaq: TISA - news, TISAW - news) today announced that it fully supports the Securities and Exchange Commission's investigation into the false promotion of the company's stock by Globus Group.
The Securities and Exchange Commission has obtained a temporary restraining order against Globus Group from a US District Court. The SEC accused Globus of circulating stock recommendations aimed at stimulating investor interest by using the letterheads of other firms including Prudential Securities, Merrill Lynch and Citibank.
Top Image Systems Chairman and CEO Izhak Nakar said today: ''In December 1997 we first became aware that unknown third parties were circulating inaccurate information about the Company and its activities. At that time we clearly stated that TiS was in no way connected to the spread of rumors and inaccurate information about the Company. We are pleased that the SEC investigation has uncovered the alleged source of this fraud and has taken legal steps to bring it to a conclusion.''
In addition to Top Image, whose shares are listed on the Nasdaq SmallCap market, Globus was reported to have recommended one other SmallCap stock as well as the stocks of a number of other companies quoted on the Nasdaq Bulletin Board.

Let's get THIS crap behind us since they had nothing to do with it.
Chris
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