17 Jan 2012 10:01
Emblaze Ltd ("Emblaze" or "the Company") MANAGEMENT UPDATE
Herzeliya, Israel, 17January 2012 - Emblaze Ltd. today informs that the trustee for Mr. Reifman's bankruptcy has obtained court permission to represent some of Mr. Reifman's creditors in a claim against Emblaze, its directors and officers for up to NIS200 million (c. GBP34 million), although no such claim has yet been filed.
Emblaze has appealed to the Supreme Court against this unprecedented decision, based on the apparent conflict of interest that the trustee has if he acts in this capacity and the trustee's apparent lack of standing to raise such claims against the Company. Hearing of this appeal is scheduled for October 2012.
As has been clarified before, the Company has had no involvement in Mr. Reifman's personal affairs and his relationships with his creditors and therefore believes there is no basis or merit to any of the allegations against the Company, its directors and officers in this respect. The Company intends to defend itself vigorously against this unjustified action.
Enquiries:
Jonathan Shillington/Amlika Lal, Grayling +44 20 7932 1871 Amlika.Lal@grayling.com
The Emblaze Group is traded on the London Stock Exchange since 1996. www.emblaze.com
XLON