Ra'anana, Israel, 19 November 2008 – Emblaze Ltd ("Emblaze or "the Group") (LSE: BLZ) announces that Matrix IT Ltd. (TASE: MTRX), a member of the Emblaze/Formula Group (NASDAQ: FORTY and TASE: FORT), (“Matrix” or “the Company”), announced its results of operations for the third quarter of 2008 and the nine months period ending 30 September 2008.

Financial Highlights (*)

• Q3 revenues increased by 33% to $101 million, up from $75.8 million in Q3 2007.
• Revenues for the nine months period ending 30 September 2008 amounted to $294 million, up from $225.4m million in the corresponding period of 2007.
• Operational profit for Q3 2008 increased by 34% to $7.8 million vs. $5.8 million in Q3 2007.
• Operational profit for the nine months period ending 30 September 2008 amounted to $21.5 million, up from $16.4 million in the same period of 2007.
• Net profit for Q3 2008 was $3.3 million, down from $4.3 million in Q3 2007. The decrease in net profit is mainly the result of financial expenses increase incurred during the reported period that did not affect Matrix’s cash flaw.
• Net profit for the nine months period ending 30 September 2008 amounted to $13.8m, up from $13.4m in the same period of 2007.

Operational Highlights
Matrix continues to thrive with its core activities. Its software services, including the training services, accounted for 75% of Matrix’s revenue for the quarter and were the main contributors to Matrix’s income and profits. These services are not suffering from the US dollar fluctuation and thanks to the diversity of services offered and its distribution of sectors and customers, Matrix maintains a strong demand for its services even in these turbulent times. Although Matrix’s net profit was affected by the increase in financial expenses, these are mostly accounting expenses that did not affect Matrix’s cash flow. Matrix’s bond received ratification in August of its Aa3 credit rating by an Israeli affiliate of Moody's (Midrug) - the highest credit rate ever provided to an IT company in Israel. Matrix is positioned well to take advantage of various attractive transactions available today in its field.

(*) figures are translated from New Israeli Shekels to US Dollars based on average exchange rates for the applicable period. 

Enquiries:

Emblaze 
Hadas Gazit, Hagit Gal + 972 9 7699302/ 339

Notes to editor:

About Matrix IT Ltd.
Matrix IT Ltd. is traded on the Tel Aviv Stock Exchange index 100. Matrix is one of the leading integration and information technology (IT) services providers in Israel. The company has circa 3,300 employees which provide services for over 500 clients in the Israeli market. The company is active in four major sectors: software solutions and products, Integration solutions as well as operation of training centers in the hi-tech field and professional training courses in various sectors. The company provides its products and solutions to a variety of customers in various sectors: banking and finance, communications and security, industry and trade for government institutions and for different companies in the public sector. 

For more information, please visit www.matrix.co.il

About Emblaze
Emblaze Ltd is a group of technology companies addressing both growth and innovation activities thus combining the stability of “bread and butter” mature technology enterprises with “high-risk / high-reward” investments in innovation.
Our Growth arm includes Formula Systems (NASDAQ: FORTY and TASE: FORT), which harbors the following subsidiaries: 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; and nextSource Inc., designs, develops and implements web-based, high quality, innovative human capital management solutions.
Our Innovation arm includes Emblaze Mobile, a designer of advanced mobile devices; EMOZE, a provider of Push Email and synchronisation technology for mobile devices; and ZONE-IP (LSE: ZIP) (Emblaze V CON), a provider of wireless video communications technologies and conferencing solutions for operators and enterprise markets over IP networks.
The Emblaze Group is traded on the London Stock Exchange (LSE: BLZ) since 1996. www.Emblaze.com