22nd Jan 2008 08:30
Emblaze Ltd22 January 2008 Emblaze Ltd. ('Emblaze' or 'the Group') Guy Bernstein appointed CEO of Formula The appointment completes the handover process initiated upon Emblaze'sacquisition of a controlling stake in Formula Ra'anana, Israel - January 22, 2008 - Emblaze Ltd (LSE: BLZ) announces that itsgroup company, Formula Systems (1985) Ltd. ("Formula") (NASDAQ: FORTY) aprovider of information technology products, solutions and services, hasappointed Guy Bernstein to the role of CEO of the company with immediate effect,replacing Mr. Gad Goldstein, who served as CEO and President of Formula Systemsin the past 23 years. Mr Bernstein's appointment is the culmination of the process to fully integrateFormula into the Group and formalizes his actual role in Formula to-date. Guybecame an executive director of Formula in November 2006 when Emblaze acquired acontrolling interest in Formula. Since then he has played a key role inFormula's strategic direction and operations including reorganisation, turningFormula subsidiaries into profitability, increasing capital resources via fundraising, repayment of debts and sale of non-core businesses. Mr. Bernstein assumes the CEO position in Formula in parallel to his CEOposition in the Emblaze group. Guy Bernstein, CEO of Emblaze, commented: "It has been a privilege to workalongside Gad. My goal is to continue building on Formula's strengths andexecute on the strategy put in place by Emblaze's new management team to improvethe operational results of our subsidiaries and deliver sustainable andprofitable growth." Enquiries: Emblaze LtdHadas Gazit, Hagit Gal +972 9 7699302/ 339 Corfin Communications (UK)Harry Chathli, Neil Thapar +44 (0)20 7977 0020 Eisenberg-Eliash LTD., Investor relations & Public relations(Israel)Amir Eisenberg +972 3 7538828 NOTES TO EDITOR About Formula Formula Systems Ltd. is a global information technology company principallyengaged, through its subsidiaries and affiliates, in providing softwareconsulting services, developing proprietary software products and providingcomputer-based business solutions. Statements made in this press release that are not historical facts areforward-looking statements. Such statements involve various risks that may causeactual results to differ materially. These risks and uncertainties include, butare not limited to: market demand for the company's products, dependence onstrategic partners, integration of new business, successful implementation ofFormula's products, economic and competitive factors, international marketconditions, management of growth, technological developments, the ability tofinance operations and other factors which are detailed in Formula's Securitiesand Exchange Commission filings, including its most recent report on Form 20-F.Formula undertakes no obligation to publicly release any revision to anyforward-looking statement. About Emblaze Emblaze Ltd is a group of technology companies addressing both growth andinnovation activities thus combining the stability of "bread and butter" maturetechnology enterprises with "high-risk / high-reward" investments in innovation. Growth activities Formula Systems, which includes: - 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. - nextSource Inc., designs, develops and implements web-based, high quality, innovative human capital management solutions. Innovation activities - Emblaze Mobile, an designer of advanced mobile devices; - emoze, a free global Push Email technology for mobile devices - ZONE-IP (Emblaze V CON), a provider of wireless video communications technologies and conferencing solutions for operators and enterprise markets over IP networks - Orca Interactive (LSE: ORCA), provider of Interactive Television IPTV middleware for Video On Demand (VOD) and broadcast services ; and - Visual Defence (LSE: VDI), (minority stake) a wireless and IP video solutions provider for military and homeland security markets. Emblaze Group is traded on the London Stock Exchange (LSE: BLZ) since 1996. www.Emblaze.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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