Ra'anana, Israel, 30 June 2010 - Further to the management statement dated 18
June 2010, Emblaze is hereby providing the following updates:
ELSE Mobile
In October 2007, the Company announced that its subsidiary, ELSE Ltd. (formerly
Emblaze Mobile), partnered with ACCESS CO. LTD and Sharp Corporation, embarked
on an ambitious project targeted to introduce an innovative approach to mobile
experience.
In November 2009, ELSE first unveiled the First ELSE� mobile device, which was
designed to showcase the capabilities and advantages of ELSE Intuition�, its
new Linux based mobile platform.ELSE's products attracted excitement and
interest from potential partners, as well as the media and mobile analysts, for
its unique innovation and user experience.
ELSE' management have since invested considerable time and effort to secure a
partnership for the sale of the First ELSE mobile devices. While there was
encouraging interest in the device by potential partners, management was not
able to confirm a deal on terms acceptable to Emblaze to proceed to the
production of the device.
Due to critical delays in deliveries and the current status of the project, the
board has now decided to cease any further investment towards manufacturing of
the First ELSE mobile device and to concentrate efforts only on licensing the
ELSE Intuition platform and technology in order to realize its potential
upside.
This decision will drastically reduce the Company's operational and development
costs and will positively contribute to its route to profitability.
The Company's management believes that this decision aligns well with the
Group's overall core competency and skills in the software arena, which
includes the following:
Formula Systems
Formula Systems, through its subsidiaries, is engaged in the development,
production and marketing of information technology solution and services. Its
appealing offerings coupled with aggressive cost-saving measures have made
Formula resilient to the recession and enabled its constant growth in revenue
and net income. For the period ending 31 March 2010, Formula reported
significant improvement in profitability with net income attributable to
Formula of $4.8 million, an increase of 41% compared to $3.4 million in first
quarter of 2009.
Going forward, Formula will continue to focus on profitability as well as
accretive acquisitions.
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