UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the month of February, 2010
Commission
File Number 001-14552
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Image Systems Ltd.
(Translation
of registrant’s name into English)
2
Ben Gurion Street, Ramat Gan, Israel 52573
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
This Form
6-K including all attachments is being incorporated by reference into the
Registration Statement on Form S-8 (file no. 333-125064) and the Registration
Statement on Form F-3 (file no. 333-119885).
CONTENTS
Attached hereto is a copy of the
Registrant’s press release dated February 16, 2010, reporting regaining
compliance with NASDAQ listing requirements.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
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Image Systems Ltd.
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Date: February
21, 2010
|
By:
|
/s/ Ido Schechter | |
| Ido Schechter | |||
| Chief Executive Officer | |||
| FOR IMMEDIATE RELEASE | BUSINESS NEWS |
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Image Systems Regains Compliance with NASDAQ Listing Requirements
Tel Aviv, Israel, February
16, 2010 Top
Image Systems, Ltd. (TIS) (Nasdaq: TISA; TASE: TISA) announced that the Company
received a letter from The NASDAQ Stock Market advising that it had regained
compliance with the NASDAQ's minimum bid price listing
requirements.
TIS had
received a NASDAQ Staff Deficiency Letter on September 16, 2009 stating that it
is not in compliance with the minimum bid price requirement for continued
listing set forth in Listing Rule 5550(a)(2) which requires listed securities to
maintain a minimum bid price of $1.00 per share.
According
to the letter from the Nasdaq, TIS was given a grace period of 180 calendar
days, starting September 16, 2009, to regain compliance with the minimum bid
price requirement.
The
letter received from NASDAQ stated TIS's common stock has closed above the $1.00
minimum bid price for 10 consecutive trading days. Therefore, the Company has
regained compliance and NASDAQ advised that the matter is now
closed.
"We are
pleased to be back in compliance with NASDAQ's bid rule," said Ido Schechter,
CEO. "It is encouraging to see investors reacting favorably to some recent
business and financial announcements we have made to improve our capital
position."
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's eFLOW Unified Content Platform
is a common platform for the company's solutions. TIS markets its
platform in more than 30 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.
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, particularly statements regarding
future operating or financial performance. Words such as “will,”
“expects,” “anticipates,” “estimates,” “intends,” “believes,” “plans” 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 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 TIS and its
competitors, risk of operations in Israel, government regulation, dependence on
third parties to manufacture products, quarterly fluctuations in sales of
products in the Data Capture market (where in general the fourth quarter is the
strongest and the first quarter is the weakest), TIS’s ability to successfully
integrate businesses it acquires, litigation (including litigation over
intellectual property rights), 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.
* *
*
Contacts:
Top
Image Systems Ltd.:
Gili
Shalita
CFO
+972-3-7679100