21 Sep 2009 14:22
Emblaze Ltd (`Emblaze' or `the Company') UPDATE ON DIRECTORATE DUTIES
Ra'anana, Israel - 21 September 2009: The Company wishes to report that Mr. Eli Reifman was detained today by the Israeli Supreme Court for 45 days due to his refusal to hand over his Emblaze shares to the administrator appointed over his assets. Appeal shall be heard within 35 days.
Eli Reifman's personal, legal and financial problems do not impact or affect in any way the Company's on going operations.
Eli Reifman is a director of the Company and CEO of Emblaze Mobile Ltd., the Company's wholly owned subsidiary developing the Monolith advanced mobile device.
The Board of Directors of the Company has decided to suspend Mr. Reifman from all of his duties until further notice. Mr. Amir Kupervas, VP of Business Development, will assume, effective immediately, all the duties of CEO of Emblaze Mobile.
As previously reported, the Company expects the Monolith to be ready for manufacturing by the end of 2009. All other Company subsidiaries continue to operate, as before, under their very able existing managements.
Enquiries:
Amir Eisenberg, Eisenberg-Eliash +972 (0)3 7538828 Harry Chathli, Corfin Communications +44 (0)20 7977 0020
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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