20th Dec 2010 12:07
Emblaze Ltd ("Emblaze" or "the Company") Notification of Interest in ZONE-IP ltd.
Ra'anana, Israel, 20 December 2010: Emblaze wishes to inform that it has decided to dispose of its entire holdings in ZONE-IP Ltd., which is engaged through its subsidiary Emblaze VCON, in development and deployment of videoconferencing solutions over IP and ISDN networks.
ZONE-IP and its videoconferencing operation have been loss making over the past few years and therefore, the decision is yet another step towards implementation of the Company's strategy to focus on its core technologies and to improve its business performance.
According to an agreement executed with the new shareholder of ZONE-IP, the Company assigned to him its 71 per cent. holding in ZONE-IP as did the shareholders of the other 29 per cent., effective immediately. Emblaze maintains a right to benefit in the future from an upside as determined in the agreement.
Following the discharge of holdings in ZONE-IP, the Company's main innovation activity remains under Emoze Ltd., a provider of push messaging solutions. In addition, as previously announced, Emblaze is now considering various investment opportunities in Hi Tech companies with solid businesses that can offer Emblaze the opportunity to drive revenues and achieve long-term sustainable growth.
Naftali Shani, Executive Chairman, said: "This decision is in line with our strategy to focus on Emblaze's core technology and devote management attention as well as resources accordingly in order to achieve better results and increase shareholders value".
Enquiries:
Hagit Gal, Emblaze [email protected]
Jonathan Shillington/Alistair Scott, Grayling +44 20 7932 1850 [email protected]
The Emblaze Group is traded on the London Stock Exchange since 1996. www.emblaze.com
vendorRelated Shares:
BSD.L