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31 Dec 2008 09:59
Emblaze Ltd ("Emblaze" or "the Company")
Ra'anana, Israel, 31 December 2008: Further to the Company's announcement dated 18 December 2008 regarding the distribution of dividend by Formula Systems (1985) Ltd. ("Formula") to Formula shareholders, Emblaze wishes to clarify that approximately $US15 million of proceeds to be received by Emblaze from this distribution are not intended for further distribution to Emblaze shareholders and will be used for Company needs, including the development of the Monolith project - Emblaze's next generation mobile device.
The investment in the development of the Monolith until the planned launch ofthe device during 2009, including contractual commitments to third partyvendors, is in line with Company's expectations as previously announced on 29August 2008.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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