Emblaze Ltd (LSE:BLZ)
(`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 (NASDAQ: FORTY and TASE: FORT), which
harbors the following subsidiaries: Magic Software Enterprises Ltd. (NASDAQ &
TASE: MGIC) 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. (NASDAQ & TASE: SPNS) 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 (LSE: BLZ) since 1996.
www.Emblaze.com