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26 Jun 2008 09:38
Emblaze Ltd. ("Emblaze" or "the Group") CURRENT TRADING
Ra'anana, Israel, 26 June 2008 - the Directors of the Group have taken notice of the recent decline in the Group's share-price and would like to inform the shareholders that there is no reason that the Group or its directors are aware of that may be the cause of such decline.
As announced in our preliminary results for 2007 on 29 April 2008, the Group has a strong balance sheet with total assets amounting to US$ 694 million and consolidated cash and cash equivalents amounting to circa US$ 246 million. The Group's Growth arm, which relates to the stable, mature and operational companies managed under the Formula group, a 50.1% subsidiary of Emblaze, has achieved revenues for the first quarter of 2008 totaled US$ 136 million, an increase of 20% compared to US$ 114 million in the first quarter of 2007. Formula's operating income in the first quarter of 2008 was US$ 6.5 million compared to US$ 6.2 million in the same quarter of 2007 and its net income in the first quarter of 2008 was $US 3.0 million.
Each of the Group's innovation activities, relating to the investments made by the group in in-house technology research and development of future wireless and cellular products, is making significant progress towards fulfillment of their goals and objectives in terms of technological capabilities as well as market exposure. The Group believes that its investment in these innovation activities creates assets that will generate significant value in the future
The Directors of the Emblaze remain confident in the Group and its prospects.
Enquiries:Emblaze Hadas Gazit, Hagit Gal + 972 9 7699302/ 339 About Emblaze
Emblaze Ltd is a group of technology companies addressing both growth and innovation activities thus combining the stability of "bread and butter" mature technology enterprises with "high-risk / high-reward" investments in innovation.
Our Growth arm includes Formula Systems , which harbors the following subsidiaries: Magic Software Enterprises Ltd. develops, markets and supports composite application development and deployment platforms with a service-oriented architecture (SOA), including application integration and business process management (BPM), with existing and legacy systems; Matrix IT Ltd. (TASE: MTRX) is one of Israel's leading integration and information technology services companies, active in four principal areas: software solutions and services, software products, infrastructure solutions and hardware products, and training and assimilation.; Sapiens International Corporation N.V. is a provider of IT solutions that modernize business processes to enable insurance and other companies to quickly adapt to changes; and nextSource Inc., designs, develops and implements web-based, high quality, innovative human capital management solutions.
Our Innovation arm includes Emblaze Mobile, a designer of advanced mobile devices; EMOZE, a provider of Push Email and synchronisation technology for mobile devices; and ZONE-IP (Emblaze V CON), a provider of wireless video communications technologies and conferencing solutions for operators and enterprise markets over IP networks.
The Emblaze Group is traded on the London Stock Exchange since 1996. www.Emblaze.com
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