BSD.L Regulatory News (BSD)

11 Dec 2006 07:00

The Board of Emblaze Ltd. (LSE:BLZ) (Emblaze or the "Group"),announces that Eli Reifman, is to move from the post of ChiefExecutive Officer to become Group Vice-Chairman, Guy Bernstein, thecurrent Finance Director is promoted to become Chief ExecutiveOfficer. £ Additionally, Mrs. Hadas Gazit Kaiser, currently the Group VP ofFinance is promoted to the Board of Emblaze as the Chief FinancialOfficer and Finance Director. £ Guy Bernstein was appointed Chief Financial Officer of Emblaze inApril 2004. Prior to joining Emblaze, Mr. Bernstein served as chieffinancial and operations officer of Magic Software Enterprises(NASDAQ: MGIC) ("Magic"), a position he had held since 1999. At Magic,Mr. Bernstein's responsibilities included the overseeing of allfinance, operations, legal and M&A activities worldwide includingbudget planning, sales forecasting, board and SEC reporting andinvestor relations. Mr. Bernstein joined Magic from Ernst & YoungGlobal (Kost, Forer Gabbay & Kasierer) where he acted as seniormanager from 1994 to 1997. Mr. Bernstein is a Certified LicensedPublic Accountant and holds a BA in Economics and Accounting. £ Naftali Shani, Co-Founder and Chairman of Emblaze said: "The Boardwould like to welcome Guy into his new position as the Group CEO. Hisappointment reflects the new needs of the company for the next decadeof growth. With the recent acquisition of Formula Systems Ltd., ourgroup has literally doubled in activity and requires management powerwith stronger operational focus. £ "Emblaze has changed dramatically over the past few years. It hasrecovered from the telecom downturn of 2001 and is now on a strongpath to growth and profitability. Guy has been a major part of theEmblaze turnaround and we strongly believe he is best suited to copewith the new challenges of large group operations, efficiencies,growth and future development. His several years of experience withinFormula make him the perfect candidate for the management of the Groupand we welcome him for the road ahead. £ "Mrs. Gazit has been one of our key assets in running the Groupfinances and one of our best executives collaborating with the variousGroup divisions and their Boards. She possesses commendable financialprofessionalism, honesty and relentless dedication. She has vastfinancial experience working in her past for E&Y and a NASDAQ tradedtelecom software vendor and the Board feels she will continue toprovide the transparency and personal communication required by ourshareholders." £ Eli Reifman, Co-Founder and current CEO of Emblaze Groupcommented: "Guy and I have been working side by side over the past twoyears and share the responsibility for the Group's achievements sofar. It is time for change. The significant improvement in our resultsand move to profitability alongside with the acquisition of Formulaput more emphasis on the operational side of the business and requirea different management style. Guy is undoubtedly the best man for thedriver seat for the road ahead. I hope for many more years of ourmutual ride together." £ Hadas Gazit Kaiser has been the VP Finance of Emblaze Group andCFO of Emblaze Mobile since 2005. In her role she oversaw all financeand budget planning, responsible for board LSE and AIM reporting andwas actively involved in Group's M&A activities and fund raising.Prior to Emblaze, Mrs. Gazit was for three years with TTI Team TelecomInternational (NASDAQ:TTIL) where she came after acting as a managerat Ernst & Young Global (Kost, Forer Gabbay & Kasierer). Mrs. Gazit isa Certified Licensed Public Accountant and holds an MBA in Finance anda BA in Economics and Accounting. Copyright Business Wire 2006