TiS Announces Significant Expansion of AFPSPro Installations In Latin America
biz.yahoo.com
Monday September 28, 8:57 am Eastern Time
Company Press Release
SOURCE: Top Image Systems, Ltd.
TEL AVIV, Israel, Sept. 28 /PRNewswire/ -- TiS - Top Image Systems Ltd. (''TiS'') (Nasdaq: TISAF - news, TISWF - news) announced today that the Company signed an agreement with the Argentinean Service Bureau and forms processing outsourcing expert, IVISA. IVISA purchased a $250,000 site license, with a minimum $150,000 annual installment. A further condition for maintaining exclusivity constitutes a 5% share for TiS of all IVISA on-site production revenue, and 7% share of all facility management, or off-site, production revenue.
IVISA and its controlled companies, headquartered in Buenos Aires with revenues totaling more than $100 million, currently handles Argentina's national lottery, and is a printing house for high risk and currency paper; national bonds, checks, and more. In addition, IVISA was one of two winners which processed the last National Population Census in Argentina.
Mr. Dario Rosenzvit, President of IVISA, said: ''We are very excited about establishing this relationship with TiS. We are committed to the aggressive pursuit of lasting business cooperation between our two companies. Thus, we were not only interested in procuring a site license for utilizing AFPSPro at our service bureau. Rather, we initiated this agreement with a view to on- going forms processing activities jointly endeavored with TiS, by far -- provider of the most cutting edge technology in the industry today, and a solution which is fully localized in Spanish.''
Nir Shoshani, Managing Director of TiS-American, for Latin America, said: ''We feel that this agreement with a forms processing power-house such as IVISA, is further confirmation of the superior throughput, accuracy and overall solution TiS offers our Latin American customers. TiS is the only forms processing solution provider with full localization in Spanish and a broadly established presence in Latin America. With IVISA we look forward to further expansion in this pivotal market whose forms processing expenditure is growing steadily over the last few quarters.''
TiS America is a branch office of TiS - Top Image Systems, Ltd., which develops and markets form processing, information recognition and data entry software, systems and technologies. The Company's software minimizes the need for manual data-entry by automatically reading and processing the information contained in forms, increasing data capture accuracy and the rate of information processing. TiS' award-winning AFPSPro software provides a complete, cost-effective, reliable solution for mid to high-volume production form processing. For more information on TiS, you can visit the Company's Web Site at www.tis.co.il. or contact TiS America at 13111, 3245 N.E. 184th St., Aventura, FL. 33160; Tel: ++1 (305) 792 9660; Fax: ++1 (305) 792 9680.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties 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, general economic conditions and other risk factors detailed in the Company's United States Securities and Exchange Commission filings.
SOURCE: Top Image Systems, Ltd.
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