Emblaze Mobile Ltd. ("Emblaze Mobile" or "the Company") a wholly owned subsidiary of Emblaze (LSE:BLZ) today announced that it has entered into a strategic partnership agreement with Innostream, Korea's leading independent mobile phone manufacturer.
The development partnership is intended to create "one of the world's most innovative multi-media handset makers," the companies said. The new partnership will provide customized, mid range and high end devices operating both as an original design manufacturer (ODM) for operator private labeling and creating its own brands.
Emblaze Mobile will invest up to $31 million over the next three years and provide a $15 million cash infusion into Innostream for inventory and working capital needs.
The companies noted that demand for multimedia handsets is expected to increase substantially in 2005 as leading operators launch 2.5G and 3G value added services worldwide.
Both companies intend to launch an aggressive marketing campaign in Europe and the far-east to promote their new designs and joint developed devices. Emblaze CEO Eli Reifman said, "Our partnership combines the best of two worlds; Israeli technology and software combined with Korean innovation, vast experience and leading designs. We have known Innostream as a client when they have purchased chipsets from our formerly owned Emblaze Semiconductor. Since then, both companies have learned to work together and cooperate on many levels bridging cultural gaps and geography. We could not have chosen a better partner for growth."
Published by Globes [online] - www.globes.co.il - on Tuesday, October 05, 2004