Ra’anana, Israel, 30 April 2010: Emblaze Ltd (LSE: BLZ), the technology
services group today announces its final results for the 12 months ended 31 December 2009. All references to $ are to US Dollars.

Emblaze Group consists of two main operating arms: Growth and Innovation. The Growth arm relates to the stable, mature and operational companies managed under Formula Systems (1985) Ltd. ("Formula"). The Innovation arm relates to the in-house investments made by the Group in technology, research and development of future mobile solutions and products.

FINANCIAL HIGHLIGHTS:

• Group revenues increased in NIS terms, the currency in which the vast majority of the Group revenues are generated. In translation to the reporting currency, US Dollar, revenues for the full year reached $ 473.8 million, representing a decrease compared with 2008 ($ 508.0 million). The reduction in revenue is a result of the change in exchange rates, which affected the translation of income generated in NIS into US Dollars.

• Operating profit of the Growth division increased by 22% to $36.0 million (2008: $29.5 million).

• Group operating income increased to $17.4 million (2008: loss of $2.7 million), mainly due to improved operating results in the Group’s Growth division as well as increased efficiency throughout the Group and lower R&D expenses.

• Consolidated net income reached $13.4 million, up from a loss of $11.4 million.

• Net loss attributed to Group shareholders reduced significantly from $27.1 million to $9.1 million.

• Continued strong cash position with consolidated cash and short terms investments of $166.9 million.

OPERATIONAL HIGHLIGHTS:

• Formula Systems continued to perform well in the second half of the year.  The company sold its entire stake in nextSource Inc. for a total consideration of $12.0 million, comprised of cash and release of bank pledges. Formula recorded a capital gain in the discontinued operations of $4.3 million

• Magic Software Enterprises Ltd. experienced growth in use of its iBOLT in new ecosystems including SAP R/3, Lotus Notes, HL7, Microsoft SharePoint and Microsoft Dynamics CRM. Its uniPaaS application platform continues to be adopted worldwide.

• Matrix has won and implemented significant projects in almost all fields of its expertise in a variety of sectors and services including many projects in the financial sector: pension and life insurance, pension consulting, monitoring, trading securities, financial services interfaces and more. The company has completed the localization project of Microsoft's leading ERP system, Dynamics AX, which was chosen already ahead of its launch by 15 customers and 13 leading application partners.

• Sapiens International Corporation N.V. signed several long-term deals in the insurance market.

• Emoze has been chosen by Pelephone, a leading Israeli mobile operator, as the ideal service to provide the unique Emoze portfolio of email and social networking messaging for subscribers to its new 3G GSM network.

• ELSE Ltd. (formerly Emblaze Mobile) unveiled ELSE INTUITION™, a groundbreaking mobile platform as well as the First ELSE™, a state-of-the-art mobile device. The device is close to being ready for manufacturing as talks with potential operators/partners proceed positively.

Naftali Shani, chairman of Emblaze said: “The positive momentum in the Group’s Growth division points to an improving trend for the business going forward. During 2009, Formula further developed into a strong, profitable and cash generating business, with its operating subsidiaries continuing to generate positive operating and net profits, an impressive achievement considering the world wide recession. The activity of the Innovation arm is closely monitored in order to control costs. We maintain our belief it has the potential to contribute positively to the Group’s financial performance this year and we look forward to reporting on further progress in the coming months. Going forward we will continue to focus on profitability and growth.

Copies of the Report and Accounts are available from the Company's website at www.emblaze.com

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.

Our Innovation arm includes ELSE Ltd. (formerly Emblaze Mobile), a design house for cutting-edge mobile technology; EMOZE, a provider of Push Email and synchronisation technology for mobile devices; and ZONE-IP (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