The Tel Aviv District Court has permitted Givatayim-based Emblaze Systems (LSE: BLZ) to buy 3% of its issued share capital at the market price. Emblaze stated in its petition to the court that it intended to buy up to 4.5 million ordinary shares, which have a nominal value of NIS 0.01 per share, for a total sum not exceeding $18.7 million.
Emblaze stated that as of the end of May 2001, the company had cash reserves of $376 million, $11.5 million in short-term debts, and not more than $3 million in debts to subsidiaries and major suppliers.
Emblaze claimed the present capital market condition and its share price on the London Stock Exchange (LSE) make investing in the share a good business and economic opportunity. The company believed that the share price did not reflect its true value, and said it believed in its inherent potential and future economic success.
Emblaze develops and markets wireless and IP infrastructure, and multimedia streaming solutions. The company's technology, called "Emblaze," compresses multimedia files and transmits them over a variety of platforms.
Emblaze has four subsidiaries that design chips, develop content management software tools, and handle overseas marketing and sales, among other things.
Emblaze was founded in 1994 by Naftali Shani, Zuri Dabush, CEO Eli Reifman, and Sharon Carmel, as Geo Interactive Media Group. It was floated in 1996, and in October 1996 was listed on the London Stock Exchange AIM (Alternative Investment Market). In June 1998, the company transferred to a full listing on the LSE.
Published by Israel's Business Arena on 3 September 2001