14th Jun 2006 16:23
Emblaze Ltd14 June 2006 Emblaze Ltd14 June 2006 FOR IMMEDIATE RELEASE 14 June 2006 Emblaze Ltd ("Emblaze Ltd" or the "Company") CIRCULAR TO SHAREHOLDERS RELATED PARTY TRANSACTION NOTICE OF EXTRAORDINARY GENERAL MEETING ("EGM") The Company (LSE: BLZ) announces that it is today posting to shareholders acircular (the "Circular"), containing details of a proposed share buyback ofordinary shares owned by CEO Eli Reifman, an inter-related proposed BridgingLoan and Grant of Options. The proposals are aimed at enhancing shareholdervalue and allow the repayment of Eli Reifman's outstanding personal debts (the "Bonds"), taken out in the past to purchase Emblaze shares. In so doing, thiswill end recent uncertainty and provide greater clarity as to the ownership ofthe Company. The Transactions are subject to the passing of certain shareholder resolutionsto be proposed at the EGM to be held at the offices of Corfin CommunicationsLimited, 11th Floor, 78 Cannon Street, London EC4N 6HH at 9.00 a.m. on June 29,2006, and notice of which is set out in the Circular. Summary of the proposals After consultation with some of the Company's largest shareholders the Board isproposing a structure that it believes is in the best interests of the Companyand the Shareholders as a whole, where by the Company will be using a newlyestablished share buyback program to purchase a proportion of Eli Reifman'sOrdinary Shares. The shares will be purchased at 149p (being the average closingprice of the Ordinary Shares over the last seven days prior to the date of thecircular). The cancellation of all of the rights attaching to the OrdinaryShares that are the subject of the Buyback (the Israeli standard preference toshare cancellation - see below) will create an enhancement to shareholderreturns. As a result of the Israeli regulatory timetable applicable to a share buy-back,the Share Buyback will not have been completed before the Bonds becomerepayable. Accordingly, it is proposed that the Company provide Eli Reifman withthe Bridging Loan until such time that final Israeli court approval is receivedand the Share Buyback can be completed. At the time of the Company granting theBridging Loan, the Share Buyback will remain conditional, inter alia, upon courtapproval of the buyback program. As a result of the reduction of the shareholding of the CEO arising from theTransactions it is proposed that Eli Reifman, the driving force behind theCompany's activities, will be incentivised through the grant of stock options atexercise prices between 200p and 300p, levels significantly higher than thecurrent share price. Reasons for the Transactions The Board (Eli Reifman not having taken part in consideration of theTransactions) considered the Transactions as being fair and reasonable andserving the best interests of the Company and its Shareholders as a whole forthe following reasons: (a) the Buyback Program will create benefit for all existingShareholders by enhancing the value of their interest in the Company; (b) the Board believes that use of the Company's cash resources (theGroup's total cash and cash investments are in excess of $239 million) torepurchase shares is an efficient use of the Company's funds given the currentprice of the Ordinary Shares, alternative opportunities for the use of the cashand the Board's belief in the Company's prospects and future performance. TheBoard will continue to pursue a buyback strategy in order to enhance Shareholderreturns; (c) the Board believes that this course of action will enable EliReifman as the Chief Executive Officer to better perform his role without theburden of personal loans and related distraction; and (d) the Board believes the proposed structure removes uncertaintyresulting in margin calls or hedging activities which has created instabilitysurrounding the share price. Current Trading Since the publication of the preliminary results of the Company for thefinancial year ended 31 December 2005, the Group has continued to trade in linewith market expectations. Commenting on today's announcement, Eli Reifman, CEO of the Company, said: "After consulting other significant shareholders, I have agreed to the Proposalsin order to remove uncertainty surrounding my stake in Emblaze which wasaffecting investor perceptions about the Company. Following this transaction, Iwill still remain one of the largest shareholders in the Company and willremain committed to continue driving Emblaze forward and as a mark of confidencein its prospects, I have accepted an option package significantly above thecurrent market price. Miscellaneous Definitions in this announcement bear the same meaning as those in the Circulardated 14 June 2006. Further information For further information, please contact: EmblazeDoron Cohen/Hagit Gal Telephone: +972 9 7699831/339 Corfin CommunicationsHarry Chathli/Neil Thapar Telephone: +44 (0) 20 7929 8989 Collins StewartKripa Radhakrishnan/Adrian Hadden Telephone: +44 (0) 20 7523 8350 Transaction Background Approximately three years ago, Eli Reifman ("Reifman"), the Company's CEO, andlargest shareholder of Emblaze used substantially all of his personal assets andthen available loans to acquire shares in Emblaze from founders of the Company.As Reifman believes in the long term prospects of the Company, he has refrainedfrom selling any of his Ordinary Shares in order to repay the loans. In April2005, Reifman's original loans were refinanced via issue of the Bonds to Israeliinstitutional and private investors. Reifman is now required to repay the Bonds.The Company is aware that the Bonds have created speculation as to the ongoingownership of Reifman's Ordinary Shares. The repayment of the Bonds facilitatedby the Transactions and the Share Buyback will remove this uncertainty andprovide greater clarity as to the future ownership of the Company. In order to facilitate repayment of the Bond, Reifman would need to realizevalue through the sale of a large portion of his Ordinary Shares. The Boardbelieves that a repurchase by the Company of the Ordinary Shares held by Reifmanat 149p per Ordinary Share, being the average (rounded down) closing price ofthe Ordinary Shares over the last seven days prior to the date of the Circular,is an attractive opportunity and preferable to a sale of Reifman's OrdinaryShares which the Board believes would not be advisable, may divert the Company'smanagement and may harm the Company and its Shareholders as a whole. As such, itis proposed that Ordinary Shares held by Reifman will be purchased by theCompany via a structure that benefits Shareholders. After consultation with some of the Company's largest shareholders and the auditCommittee, the Board is proposing a structure that it believes is in the bestinterests of the Company and the Shareholders as a whole, where the Company willbe using a newly established share buyback program to purchase a part ofReifman's Ordinary Shares, thus providing Reifman with the ability to repay infull the amount owing under the Bonds. The Buyback Program and subsequentcancellation of all of the rights attaching to the Ordinary Shares that are thesubject of the Buyback Program (the Israeli standard preference to sharecancellation - see below) will create an immediate and significant increase inthe proportional holdings for all other Shareholders. As a result of the Israeli regulatory timetable applicable to a share buyback,the Share Buyback will not have completed before the date upon which the Bondbecomes repayable. Accordingly, it is proposed that the Company provide Reifmanwith the Bridging Loan until such time that final Israeli court approval isreceived and the Share Buyback can be completed. At the time of the Companygranting the Bridging Loan, the Share Buyback will remain conditional, interalia, upon court approval of the Buyback Program. As a result of the shareholding of the Company's CEO being reduced by the ShareBuyback, Reifman will be re-incentivised through the grant of stock options atsignificantly higher exercise prices than the current share price of an OrdinaryShare, conditional upon the Share Buyback and repayment of the OutstandingAmount in full. The grant could have a dilutive impact upon Shareholders butonly if the share price increases by 30 per cent. or more. The various considerations leading the Board to its conclusion to recommend theTransactions are set forth in the paragraph entitled "Board Considerations"below. Buyback Program Reifman has currently an outstanding debt to a group of lenders pursuant to theBonds in an aggregate amount (including interest) of approximately $70 million.The Debt is secured by a fixed pledge over 30 million Ordinary Shares. Thetrustee for the lenders under the Debt provided to Reifman a notice of defaultunder the Debt dated May 31, 2006 and although Reifman has reserved his rightsunder the notice, the notice requires Reifman to repay the Debt promptly within30 days, unless extended by the trustee. The Company's Board and audit committeebelieve, after due consideration, that it would be in the best interests of theCompany and its Shareholders to repurchase from Reifman a portion of hisOrdinary Shares in an amount that would allow Reifman to repay the Debt in full.At the EGM, Shareholders will be asked inter alia to approve a resolution toeffect the foregoing Share Buyback as further set forth below. On 4 June, 2006, the Company filed an application to the District Court inIsrael to approve, in accordance with the provisions of the Companies Law, ashare buyback program of the Company's Ordinary Shares, in an aggregate amountin cash of up to £40 million pursuant to which the Company may repurchaseOrdinary Shares including the Pledged Shares. The Buyback Program provides thatthe Company may purchase Ordinary Shares (i) in open market transactions and(ii) in direct transaction with Shareholders, in an aggregate amount in cash ofup to £40 million, to be implemented over a period of up to 18 months after theCompany obtains all necessary court or other approvals for the proposedrepurchase, at a price range per Ordinary Share to be determined by the Board atthat time, having made reference to the prevailing price of an Ordinary Share,and subject to such other terms to be determined from time to time by suchpersons as designated by the Board. In accordance with the Companies Law,implementation of the Buyback Program requires approval by the District Court inIsrael which is required to confirm that there is no reasonable risk that theBuyback Program will render the Company unable to pay its current orforeseeable obligations when due. The Court is required to consider theapplication after the Company has provided a public notice to its creditors withrespect to the proposed Buyback Program, and at least 30 days shall have elapsedafter such public notice having been made. The Company provided the public notice to its creditors on June 6, 2006, andbelieves that the Court will approve the application. Prior to filing the Boardconfirmed, as required by the Companies Law that it believes that there is noreasonable risk that the Buyback Program will render the Company unable to payits current or foreseeable obligations when due. Although Shareholder approvalfor the Buyback Program is not required under the Companies Law, it is under theListing Rules. Accordingly, by virtue of the size of the Buyback Program and thefact that it will not be implemented by way of tender offer to all of theShareholders, Shareholders will be asked to approve resolutions to effect theBuyback Program and the Share Buyback. In accordance with the Companies Law, anyOrdinary Shares of the Company repurchased by the Company become dormant sharesthat have no voting rights and no rights to participate in distributions or uponliquidation. Such dormant shares are controlled by the Company, are deemedissued but not outstanding, and they may be used by the Company for re-issuancefor any purpose. Save for the exercise of any options in the normal course, theCompany has no current intention of reissuing any such Ordinary Shares. Depending upon the scope of the Buyback Program actually utilized by the Companyto repurchase Pledged Shares, the Company will consider from time to time usingthe remaining unused portions of the Buyback Program to repurchase OrdinaryShares from other sellers or in the open market, and will evaluate from time totime the need to expand the scope of such program. Bridging Loan It is proposed that pending the grant of court approval for the Buyback Program,the Company shall provide to Reifman interim funding in the form of a bridgeloan pursuant to the Loan Agreement of an amount of up to $70 million tofacilitate repayment of the Debt and release of the Subject Shares from thepledge under the Bonds and all other commitments (save for options over 400,000Ordinary Shares) under the Bonds. The Loan Agreement is to be entered into,subject to the passing of the Resolutions, by the Company, Reifman andE.R.B.L.Z. Ltd., and provides that the Loan Amount may only be used in order torepay the Debt in full and release the Subject Shares from the pledge and othercommitments under the Bonds. Reifman's total debt to the Company under the LoanAgreement shall become due and payable on the earlier of eight weeks afterpayment of the Loan Amount to him and five days after the Buyback Program isapproved by the court. The interest on the Outstanding Amount shall be ten percent. per annum and the Company shall have full recourse against Reifman. Assecurity for the repayment of the Outstanding Amount, 34.6 million OrdinaryShares, including all of the Subject Shares, together with the Nokotomi Shares(which comprise a minority interest in a mining holding company and which werepledged, together with the Subject Shares, as security for the Bonds) shall bepledged by a first priority fixed pledge in favour of the Trustee for thebenefit of the Company. The total value of the Pledged Shares, based on the closing price of an OrdinaryShares on the Official List of the London Stock Exchange on June 13, 2006 isapproximately £53.2 million. Upon maturity, the Company intends to repurchasean amount of Pledged Shares as is necessary to repay the Outstanding Amount, andthe proceeds of such repurchase shall be credited as repayment of theOutstanding Amount. The terms of the Loan Agreement have been approved by theBoard and Audit Committee. All excess Pledged Shares not required to be sold orrepurchased, together with the Nokotomi shares, shall be returned by the Trusteeto Reifman after full repayment of the Outstanding Amount and all accruedinterest. The price upon which the Company shall repurchase Pledged Shares shallbe 149p, which is the average closing price of the ordinary shares on the LondonStock Exchange during the last seven trading days prior to June 12, 2006 (thelast practicable day prior to the publication of this document). Currently, there are 136,009,551 issued and outstanding ordinary Shares in thecapital of the Company. In addition, 4,568,603 are currently held in treasury.Accordingly, the total number of Pledged Shares constitutes approximately 25.9per cent. of the Company's issued and outstanding share capital. The Board believes that in light of the current market price of an OrdinaryShare, as well as the Company's existing cash position, the use by the Companyof up to £40 million for repurchase of its own Ordinary Shares is an efficientuse of the Company's cash resources. The Group's cash or cash equivalents,which are liquid are currently at least $239 million. Grant of Options It is proposed that in light of Reifman's anticipated contribution to theCompany's growth and success, Reifman be issued, conditional upon the ShareBuyback and repayment of the Outstanding Amount in full, options to purchase 13million Ordinary Shares. Of the Options, 4.4 million shall be exercisable at aprice per Ordinary Share of 200p, 4.3 million shall be exercisable at a priceper Ordinary Share of 250p, and 4.3 million shall be exercisable at a price perOrdinary Share of 300p. The exercise prices represent a significant premium tothe closing mid market price of 154p per Ordinary Share on June 13, 2006 (thelast practicable day prior to the publication of this document). The Optionsshall vest subject to Reifman's continuous employment with the Company, on aquarterly basis over a period of four years from the date of grant and shallotherwise be subject to the same terms and conditions as applicable to employeeincentive options granted to employees of the Company under the Emblaze Ltd.2001 Global Stock Option Plan as follows. The Options may be exercised until theexpiration of 10 years from the date of grant or such earlier date as determinedin the terms of grant as approved by the Board. All options granted to thegrantee will immediately expire upon termination of the grantee's employmentwith the Company, except that the grantee may exercise those options that havevested as of the date of such termination, for an additional period which isequal to (a) a period determined by the Board, (b) in the event of terminationwithout "cause" or upon retirement, a period of six months after suchtermination, or (c) in the event of death or disability of the grantee, a periodof 12 months after termination. Options may not be assigned and do not create aright for continued employment. Extraordinary General Meeting Under the Companies Law, by virtue of Reifman's position as a "control holder"(as such term in defined in the Companies Law) of the Company, the ShareBuyback, the provision of the Bridging Loan and the Grant of Options are eachsubject to prior approval by the Company's Audit Committee, the Board andShareholders, in such order. The Audit Committee and the Board have consideredthe Transactions and approved them. Under the Companies Law, approval of theTransactions by the Shareholders requires an affirmative vote by a majority ofthe Ordinary Shares present and voting at the EGM, provided that either (a) suchmajority contains at least one third of the Ordinary Shares present and voted atthe EGM (excluding, for such calculation, all votes abstained) that are held byShareholders that do not have a personal interest in the approval of theTransaction, or (b) the number of Ordinary Shares held by Shareholders that donot have a Personal Interest in the approval of the Transactions that voteagainst the approval of the Transactions at the EGM, does not exceed 1% of theissued and outstanding share capital of the Company. Each Shareholderparticipating in the EGM is required to indicate, either at the EGM or byindicating on his Form of Proxy (or form of direction if you are a holder ofdepositary interests) through which the vote is effected, whether he has aPersonal Interest in the Transaction. Unlike the Companies Law, the Listing Rules provide that a Shareholder with apersonal interest in the approval of the Transactions cannot vote on therelevant resolutions put to the EGM, and, in addition, that such personundertakes to take all reasonable steps to ensure that its associates (asdefined in the Listing Rules) will not vote on the particular resolution at theEGM in relation to the related party transactions. The Share Buyback, theBridging Loan and the Grant of Options therefore constitute "related partytransactions" for the purpose of the Listing Rules, given that they aretransactions between the Company and a "related party". Reifman is deemed a "related party" by virtue of him being both a substantial shareholder in theCompany and a director of the Company. Since the Share Buyback, the BridgingLoan and the Grant of Options are transactions with a related party, it is arequirement of the Listing Rules that a circular be sent to Shareholders andthat the Share Buyback, the Bridging Loan and the Grant of Options is subject tothe prior approval of the Shareholders. Accordingly, we are seeking suchapproval. As described above, two separate rules govern the vote of Shareholders at theEGM in relation to resolutions regarding the Share Buyback, the Bridging Loanand the Grant of Options (a) the rules of Israeli law that allow allShareholders to vote, but require a special majority as set forth above, and (b)the Listing Rules that require Reifman and his associates to refrain from votingat the EGM. In order to comply with both sets of rules, at the EGM, two separatevotes shall be taken for approving each of the Share Buyback, the Bridging Loanand the Grant of Options: (i) the first vote, in each case, shall be a vote inaccordance with Israeli law, in which every Shareholder shall be permitted tovote as described above, including in respect of those Ordinary Shares held byReifman and his associates, and the results of such vote shall be computed inorder to measure compliance with the requirements of Israeli law, and (ii) thesecond vote, shall be a vote in accordance with the Listing Rules, in which allShareholders, save for Reifman and his associates, shall be permitted to voteand the results of such vote shall be computed in order to measure compliancewith the requirements of the Listing Rules. Both votes will be conditional uponthe passing of the other resolutions. Board Considerations The outstanding Debt has been a cause of some uncertainty and speculation overrecent years and the Board believes that this has been detrimental to theCompany's share performance and to Reifman's ability to perform his duties tothe Company without distraction. Following discussions with Reifman and certainsignificant shareholders the Board has concluded that the Share Buyback at thistime and on those terms would best facilitate repayment of the Bonds which wouldbe in the best interests of the Company and its Shareholders. The Bridging Loan is required simply because of the timing difference betweenshareholder approval for the Transactions and the Israeli court approval of theBuyback Program. This approval is described in the paragraph entitled "BuybackProgram" above and the Board is confident that this approval will be forthcomingas described above. Shareholders should be aware that should the court approval not be secured, theBridging Loan will continue, with security being held by the trustee on behalfof the Company over the Pledged Shares and the Nokotomi Shares and will becomerepayable on 24 August 2006 (8 weeks after the EGM). It is unlikely thatReifman will be able to repay the loan without the sale of the Pledged Shares.It is anticipated that in these circumstances, sufficient number of the PledgedShares would be attempted to be sold by the Trustee on behalf of the Company tofacilitate the repayment of the Bridging Loan Shareholders should also be aware that it may not be possible to sell any of thePledged Shares or a sufficient number to repay any or all of the OutstandingAmount and therefore Reifman would be in default. The Board, in its consideration of the Transactions, (Reifman not having takenpart in consideration of the Transactions) considered the Transactions as beingfair and reasonable and serving the best interests of the Company and itsShareholders as a whole for the following reasons: (a) the Buyback Program will create benefit for all existing Shareholders byincreasing their proportionate holding interests in the Company which in turnthe Board believes will support better share price performance; (b) the Board believes that use of the Company's cash resources (which,currently of the Group's total cash or cash equivalents which are liquid, are atleast $239 million) to repurchase shares is an efficient use of the Company'sfunds given the current price of the Ordinary Shares, alternative opportunitiesfor the use of the cash and the Board's belief in the Company's prospects andfuture performance; (c) the Board believes that this course of action will enable Reifman as theChief Executive Officer to better perform his role without the burden ofpersonal loans and related distraction; (d) the Board believes the proposed Transactions removes uncertainty whichhas led to margin calls or hedging activities; and (e) repurchase of Ordinary Shares will provide the Company with the abilityto issue Ordinary Shares in the future, whether under employee incentive plansor pursuant to acquisitions of businesses using the increased treasury stock,thus avoiding additional dilution to the Shareholders. The Board believes that it is important that the CEO of the Company is fullycommitted to the future success of the Group. Should the Transactions notproceed, the CEO would relinquish a significant majority of his interest inEmblaze, thereby undermining his incentive to achieve future success, creatingfurther distraction and destabilising the business and its shareholder base.Accordingly, the Board, which with the support of a number of significantShareholders, believes the Transactions to be in the best interests of theShareholders as a whole. In accordance with the Listing Rules and the Companies Law, the negotiationswith respect to the Share Buyback, the Bridging Loan and Grant of Options, havebeen and will be handled on behalf of the Company by officers and the Directorswho are not interested in the Transactions. Accordingly, at all meetings of theBoard and any committee thereof, concerning the Share Buyback, the Bridging Loanand Grant of Options, only Directors who have no interest in the Share Buyback,the Bridging Loan and Grant of Options, participated and voted. Reifman did notparticipate or vote at any such meeting of the Board or any committee thereof ashe is a related party. In the event that the Transactions are approved at the EGM, the Transactionswill be implemented without any further shareholder approval for the specifictransactions documents, unless there shall be a material deviation from thegeneral outline of the Transactions as described above or otherwise required bylaw. The Loan Agreement and certain ancillary transaction documents will bespecifically approved by the Board and the Audit Committee once finalized. Voting commitments In addition to the irrevocable undertakings given by the Directors (referred toin the paragraph entitled "Recommendation" below), irrevocable undertakings tovote in favour of the Resolutions have been received from Shareholders inrespect of 10,792,719 Ordinary Shares representing approximately 7.94 per cent.of Emblaze's existing issued share capital. In addition, letters of intent havebeen received from Shareholders in respect of 13,136,301 Ordinary Sharesrepresenting approximately 9.66 per cent. of Emblaze's existing issued sharecapital Current Trading Since the publication of the preliminary results of the Company for thefinancial year ended 31 December 2005, the Group has continued to trade in linewith market expectations. Action to be taken Shareholders will receive a Circular and a Form of Proxy (or form of directionif you are a holder of depositary interests) for use at the ExtraordinaryGeneral Meeting. The Form of Proxy should be completed and returned inaccordance with the instructions printed thereon as soon as possible and in anyevent, to be valid, so as to be received by the Company's transfer agents,Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU nolater than 9.00am on June 27, 2006, being 48 hours before the time appointed forthe holding of the meeting. The form of direction should be returned as soon aspossible, and in any event, to be valid, so as to be received by the Company'stransfer agents, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham,Kent BR3 4TU no later than 9.00am on June 26, 2006, being 72 hours before thetime appointed for the holding of the meeting. Completion and return of the Form of Proxy will not prevent a Shareholder fromattending and voting in person at the EGM. Recommendation The Share Buyback, the Bridging Loan and the Grant of Options are related partytransactions for the purpose of the Listing Rules. The Board, having been soadvised by Collins Stewart, consider the Share Buyback, the Bridging Loan andthe Grant of Options fair and reasonable so far as Shareholders are concerned.In providing its advice, Collins Stewart has taken into account the commercialassessment of the Board. Reifman has undertaken not to vote on the UK Resolutions and has undertaken totake all reasonable steps to ensure that his associates (as defined in theListing Rules) will not vote on the UK Resolutions at the EGM and has taken nopart in the assessments of the Board with respect to the Share Buyback, theBridging Loan and the Grant of Options. The Board, save for Eli Reifman, considers the Transactions, including ShareBuyback, the Bridging Loan and the Grant of Options to be in the best interestsof Shareholders as a whole. Accordingly, the Board recommends that Shareholdersvote in favour of the Resolutions as they intend to do so in respect of theirown beneficial holdings of, in aggregate, 15,382,784 Ordinary Sharesrepresenting approximately 11.31 per cent. of Emblaze's existing issued sharecapital. Document viewing facility The Circular is available for inspection by the public at the UK ListingAuthority's document viewing facility, which is situated at: Financial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HS Expected Order of Events Latest time and date for receipt of forms of direction 9.00 am on 26 June 2006Latest time and date for receipt of Forms of Proxy 9.00 am on 27 June 2006Extraordinary General Meeting 29 June 2006Bridging Loan paid to Eli Reifman 29 June 2006Estimated time for court approval of Buyback Program Second half of July 2006Latest date for Share buyback to be implemented Five days after court approvalEarliest date for repayment of Bridging Loan Date of Share BuybackDate of Grant of Options to Eli Reifman to take effect One day after Share Buyback and repayment of Bridging Loan Miscellaneous Definitions in this announcement bear the same meaning as those in the Circulardated 14 June 2006. Note to Editors About Emblaze Emblaze Ltd is a group of companies sharing a common mission to provide telecomoperators with technologies, products and solutions for next generationservices: Emblaze Mobile, a new breed in handsets design and manufacturing;Emblaze VCON, is a leading provider of wireless video communicationstechnologies and conferencing solutions for operators and enterprise marketsover IP networks; Orca Interactive (LSE: ORCA), provider of InteractiveTelevision IPTV middleware for Video On Demand (VOD) and broadcast services,aimed at Telecom, cable and xDSL operators; Emblaze SmartContent, developer ofhighly advanced technology for Content-Push over wireless and IP networks tomobile devices and personal computers; emoze, a free global Push Email servicefor mobile devices that will push send your Emails and PIM data to you anywhereand to any device and Visual Defence (LSE: VDI), a provider of wireless and IPvideo solutions for military and homeland security markets. Emblaze Group is traded on the London Stock Exchange (LSE: BLZ) since 1996 andhas offices in the United States, Canada, United Kingdom, China, Korea andIsrael. www.Emblaze.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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