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18 Dec 2008 15:46
Emblaze Ltd. ("Emblaze" or "the Group") FORMULA SYSTEMS (1985) LTD. ANNOUNCES DISTRIBUTION OF $30 MILLION CASH DIVIDEND TO ITS SHAREHOLDERS AND DIRECTORATE CHANGES
Ra'anana, Israel, 18 December 2008: Emblaze Ltd announces that the board of directors of its subsidiary Formula Systems (1985) Ltd. ("Formula"), a leading provider of information technology products, solutions and services, announced that its has approved the distribution of a cash dividend to the holders of Formula ordinary shares, payable on January 29, 2009 (the "Distribution Date") with respect to each outstanding Formula ordinary share held as of the close of business day on January 12, 2009, (the "Record Date") subject to withholding tax.
The cash distribution will be in the amount of $2.27 per share, or $30 million in the aggregate. On the Distribution Date, each Formula shareholder will receive a cash amount, net of Israeli withholding tax at a rate of 20%, unless such holder has presented to Formula sufficient evidence of its exemption from withholding tax in accordance with the requirements of Israeli law.
Formula is a 50.1% held subsidiary of Emblaze.
In addition, Formula announced that Mr. Naftali Shani, director and chairman of Emblaze, was appointed as director and chairman of Formula as of January 1, 2009. Mr. Guy Bernstein, CEO and director of Emblaze has resigned from his position as director in Formula with immediate effect and will continue to carry his position as chief executive officer of Formula.
Enquiries:Emblaze Ltd 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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