21st Nov 2006 07:18
Further to the announcement on 12 September, Emblaze Ltd (LSE:BLZ)(Emblaze or "the Group") announces that it has completed the purchaseof 33.4% of the entire issued share capital of Formula Systems (1985)Ltd (NASDAQ:FORTY) (Formula or "the Group") from its largestshareholder, Fimgold Partnership Ltd. £ Also, Emblaze has purchased an additional 4.9% in the open market. £ Formula Systems (1985) Ltd, is a global solutions provider oftechnology, software and IT solutions for a wide range of enterprisesectors in over 50 countries. It directly expands Emblaze group withadditional activities in the global technology arena adding thousandsof blue chip clients and product offering to the Group's portfolio. £ Eli Reifman, Chief Executive Officer of Emblaze said: "This isanother step towards realization of our vision to become a significantplayer in the technology, software and IT markets. Formula Systems,sitting alongside the Emblaze group companies, will expand ourbusiness and assets-base and dramatically increase shareholder value.We will still retain much of our cash and intend to continue growingEmblaze both organically as well as via mergers and acquisitions. Thistransaction is expected to nearly double the size and profitability ofthe group in 2007 as a result of this acquisition and continue globalexpansion. " Copyright Business Wire 2006Related Shares:
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