THIRD QUARTER OPERATING INCOME OF $10.5 MILLION
NINE MONTHS OPERATING INCOME OF $26.0 MILLION

Ra’anana, Israel – 26 November 2008 – Emblaze Ltd ("Emblaze” or “the Group”)) (LSE: BLZ) announces that its group company, Formula Systems (1985) Ltd. (“Formula” or “the Company”) (NASDAQ: FORTY) a provider of information technology products, solutions and services, announced its results for the third quarter of 2008 and nine months period ending 30 September 2008.

Highlights:

• Revenues for the third quarter of 2008 totaled $149.7 million, an increase of 23% compared to $121.7 million in the third quarter of 2007.
• Revenues for the nine months period ended 30 September 2008 totaled $437.0 million compared to $357.4 million in the corresponding period of 2007, an increase of 22%.

• Operating income in the third quarter of 2008 was $10.5 million compared to $6.8 million in the same quarter of 2007, an increase of 54%.
• Operating income in the first nine months of 2008 was $26.0 million compared to $19.2 million in the first nine months of 2007, an increase of 36%.

• Financial expenses in the third quarter of 2008 totaled $4.7 million compared to $0.175 million in the third quarter of 2007. Financial expenses for the nine months of 2008 were $5.3 million compared to $1.4 million in the parallel period last year.  The increase in financial expenses is mainly attributed to expenses related to debentures, previously issued in two of our subsidiaries.

• Net income generated from continuing operation in the third quarter of 2008 and the nine months period ended 30 September 2008 was $2.9 million and $10.2 million, respectively.

• Cash and short term investments as of 30 September 2008 totaled approximately $182 million and current ratio was 2.35.

• Shareholder's equity on 30 September 2008 totaled $208 million, reflecting $15.7 per share.

Guy Bernstein, CEO of Formula, commented: "We are very pleased with the third quarter financial results, especially in light the general market economy. All the Formula subsidiaries demonstrated continuous growth while achieving operating profit, net income and positive cash flow."
Mr. Bernstein added: "We believe that the steady growth of the Formula subsidiaries is the direct result of our cost-effective plan that was adopted throughout the group. Thanks to the implementation of our strategy we are well prepared to navigate through the troubled waters of the current global environment."

Enquiries:

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

About Formula
Formula Systems Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and providing computer-based business solutions.

Statements made in this press release that are not historical facts are forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, dependence on strategic partners, integration of new business, successful implementation of Formula’s products, economic and competitive factors, international market conditions, management of growth, technological developments, the ability to finance operations and other factors which are detailed in Formula’s Securities and Exchange Commission filings, including its most recent report on Form 20 F. Formula undertakes no obligation to publicly release any revision to any forward-looking statement.

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

FORMULA SYSTEMS (1985) LTD.

FORMULA SYSTEMS (1985) LTD.