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Emblaze Ltd: Preliminary Results for the Year Ended 31 December 2004
29 April 2005
Emblaze Ltd (Emblaze or "the Group") (LSE:BLZ - News), the wired and wireless telecoms technology group, announces its financial results for the 12 months ended 31 December 2004:
Financial Highlights
Revenues increase more than six-fold to $45.1m (2003: $7.3m) and projecting more than doubling of revenues to $120m in 2005
Trading in the first quarter of 2005 was ahead of management expectations with the Group achieving $29m revenues over the period (Q1 2004: $2m).
Moved to profit of $6.3m in second half of 2004 (H1 2004 loss of $29.4m), halving the full year loss to $23.2m
Cash burn stopped; net cash increased by $2.9m
Strong balance sheet with total assets amounting to $349.8m (2003: $289.4m)
The Group reiterates that it anticipates a continuation in profitability from the last two quarters and expects to be profitable for the full year 2005
Operational Highlights
Strong business growth across all group business units
Three Group companies achieve Admission to AIM. Orca Interactive was admitted in October 2004, Adamind in February 2005 with Visual Defence expected in May 2005
Strategic restructuring refocuses Group for upturn in global telecoms sector
Eli Reifman, Chief Executive Officer of Emblaze, said: "As the results for 2004 demonstrate, Emblaze has emerged from the long downturn in the telecoms industry with a stronger and better-focussed business. We now have the scale, technology, financial strength and above all the people to capitalise on the industry upturn by delivering further strong growth and shareholder value.
"Trading in the first quarter of 2005 was ahead of management expectations with the Group achieving $29m revenues over the period. This gives us the confidence to state that revenues are on track to more than double to $120m and become profitable for the full year 2005."
Chairman's Statement
2004 was a year of fundamental change which has positioned the Group for an upturn in the telecoms industry. The reorganisation within the group has enabled Emblaze to leverage its wide ranging expertise in wired and wireless products and services that help telecom companies and mobile networks to boost their average revenue per user (ARPU).
Revenues increased six-fold to $45.1m for the year representing the consolidated figures from our Group companies. The restructuring has led to the Group to end its cash burn during the year. Net cash generated during 2004 amounted to $2.9m, reflecting net profit of $6.3m in the second half thus reducing the Group net loss for the full year to $23.2m.
Following the restructuring, the Group comprises four separate businesses: Emblaze Mobile; Orca Interactive; Adamind and Visual Defence. All the Group companies share a common vision and sell products and solutions mostly to the same sector and share a similar customer base, primarily in the telecoms industry. They interact and work together leveraging each other's strengths and technical know-how.
We chose to create this structure of companies as a strategic convenience for bringing in partners and raising the profile of each individual Group company. To this end three of the business units have achieved separate quotations on the Alternative Investment Market of the London Stock Exchange.
Orca Interactive, the Group's IPTV software and services subsidiary, was floated on AIM in October 2004. Since its admission to AIM, Orca has signed several major deals establishing it as a leading middleware player in the IPTV market.
During the year Emblaze Transcoding was merged with the Transcoding business of Philips to create Adamind, a global leader in media adaptation software solutions. Adamind was floated on AIM in February 2005.
Emblaze Defence was merged with Canadian-based Girit Projects Inc. and AVLogic Inc. to create Visual Defence Inc. as a global leader in visual security solutions over wireless and fixed IP networks. Today we announced that Visual Defence has submitted its application for admission to AIM and is expected to make its market debut on 6 May 2005.
Results
Turnover for the 12 month period ending 31 December 2004 was $45.1m compared with $7.3m for the same period last year. The net loss halved to $23.2m for the period (2003: $46m). The Company moved to net profit of $6.3m in the second half of the year.
The net loss from continuing operations decreased to $11.2m (2003 loss: $16.1m).
Cash burn stopped and net cash increased by $2.9m. Operating expenses include cost of $11.4m for R&D expenses, $11.5m for sales & marketing expenses, $10.2 m for general and administrative expenses and $6.8m from amortization of intangible assets restructuring and other charges and impairment of property and equipment. The Group has a strong balance sheet with $245.1 million in total shareholders' equity, $250.7 million of cash portfolio.
Cash investments portfolio of $250.7m is presented in the balance sheet under the following breakdown:
31 Dec 2004 $m
Cash and cash equivalents 45.5
Short-term bank deposits, marketable securities and
accrued interest 43.6
Long-term (over 1 year to maturity) marketable
securities(1), deposits and other long term investments 161.6
===============
Total: 250.7
(1) Marketable securities are mainly comprised of US Government Treasuries and other agencies and highly rated corporate debentures.
In accordance with the Israeli Court's approval to repurchase up to 13% of the issued ordinary shares of the Group, Emblaze has to date purchased approximately 4.64% of the ordinary share capital. During the year 2004 the Group utilised $3.5 million for the repurchase of 1.8 million shares representing 1.29% of the issued share capital.
We continue to regularly review costs in relation to our view on how our markets are developing.
Operational Review
Emblaze Mobile
During 2004 the company implemented a radical re-focussing of the business into new geographies, customer profiles and channel strategy. Emblaze Mobile provides end-to-end server and handset solutions to global operators for the introduction of rich-media value added services over 2.5G and 3G networks. Its unique new business model addresses directly the needs of the operators for ARPU-generating devices built around next generation applications, operators' requirements and specific market segments. This approach provides operators specific added value and higher ARPU per handset that in-turn enables Emblaze Mobile to sustain healthy margins over time without going into "price wars" with competitors. Emblaze Mobile is a unique combination of Israeli and Korean technology, design and manufacturing with highly experienced European management.
The company has achieved penetration in the Far East via distribution partners and looking to penetrate predominantly European markets over the next year.
In October 2004, Emblaze Mobile acquired a majority of the shares of a handset design and manufacturing factory in Korea in order to secure production and design capacity for 2005 against growth in demand and the need for lower unit costs. Laurence Alexander, the former UK Director of products at O2, was recruited to become CEO of Emblaze Mobile and expand the business into Europe and other regions.
Orca Interactive
Orca provides a software solution that enables fixed-line telecom operators to offer TV entertainment services such as broadcast TV, video-on-demand, games and other interactive services over telephone lines (xDSL, FTTH etc.). This market has emerged as a consequence of cable operators moving into the telephony business on top of TV and data/internet (all three services combined are called the "Triple Play") and thus taking away business and subscribers from the telecom operators. The operators that historically provide telephony and data/internet services now need to match their offer to the cable companies with a full triple play solution that includes TV services as well. Orca's products are effectively the management software ("Middleware") of all the components in the solution such as set-top boxes, video servers, billing, electronic programming guide (EPG), xDSL modems, conditional access technologies etc. The company's solutions are embedded in the heart of the IPTV infrastructure and manage many third party vendor components to provide a one comprehensive solution for Telco IPTV. Orca works with numerous technology and IPTV component vendors and has strong alliances with top tier players in the field such as HP, Nokia, Samsung and many others.
2004 was a significant year in the ongoing growth of Orca culminating in our successful listing and fundraising in October. It was also the year that the IPTV market began to experience significant growth and, as one of the leading providers of middleware solutions to this market, we were well positioned to benefit.
Three new customers were won during the year, including one for which Orca acted as the prime contractor. This emphasizes the strong positioning of its product offering and provides further evidence of the exciting and rapid growth in our market place. Their partner programme has also continued to develop and includes some of the most high profile names in the industry.
Adamind
In September 2004, the Group announced the merger of Emblaze Transcoding with Philips Transcoding business unit (MP4NET Ltd.) to create Adamind at a 70/30 holding structure respectively.
Multimedia Messaging (MMS) is the natural evolution from SMS text messaging where you can send messages between mobile phones that include images, audio and video on top of text. SMS was an extremely successful service adopted by hundreds of millions of users worldwide generating billions of dollars in revenue for the operators and increasing ARPU (Average Revenue Per User). Operators believe that MMS is the next revenue and ARPU driver for the next 10 years. However, sending images or other media between mobile devices is not as simple technologically as establishing a voice call primarily because of lack of interoperability between the handsets. Different phones have different screens, different resolutions and support different media formats. This creates "misunderstanding" between the devices where the receiving device cannot display an MMS message sent by another. The need rising from this conflict is for a sort of "translation" in the middle where a mechanism will intercept each and every MMS message in mid-way and "convert" or "translate" it in a way that the receiving phone will be able to "understand" and display the message.
This type of a technology is named Transcoding or Media Adaptation and it has to reside at the heart of each and every MMSC (MMS center) to effectively enable MMS. Adamind is the global leader in Media Adaptation software with over 40% market share, over 80 commercial deployments with global operators and top tier MMSC vendors and OEM partners such as Ericsson, LogicaCMG and OpenWave.
Since its flotation Adamind, working with its strategic partner Motorola, has been named as the media adaptation solutions provider for MMS services to the largest US mobile network operator.
Visual Defence
In January 2005, Emblaze Ltd. announced the merger of its defence wireless video division, Emblaze Defence, with Girit Projects Inc. and AVLogic Inc. ("Girit"), the security and surveillance divisions of Canadian based GiritHoldCo. By the combination of the two complementary divisions, Visual Defence provides the next generation in visual security solutions specialized in the convergence of security video systems from analog to digital platforms.
Following a successful institutional placing completed earlier this week, Visual Defence is expected to formally join AIM in early May.
Visual Defence has won multi-million dollar key tenders in European airports, Israeli Defence Forces and US Homeland Security for the management and provision of secured video surveillance over wireless and fixed IP networks. The group expects further significant growth in this business over the year.
Visual Defence's major projects include, among others, Toronto's and Zurich International airports. Similar systems are being deployed at other major European and US public transport centres. It recently entered into a three- year commercial relationship with Bell Canada, Canada's largest telecommunication provider, to deliver 'end-to-end' physical security solutions with an estimated C$35 million total value already in the pipeline from the Canadian marketplace.
In addition Visual Defence and its partner VisioWave, also signed a major deal to install a visual security management system at a new terminal being built by Europe's largest and busiest airports.
Outlook
Emblaze has emerged from the long downturn in the telecoms industry with a stronger and better-focused business. We now have the scale, technology, financial strength and above all the people to capitalise on the industry upturn and Group remains on track to deliver significant growth this year.
"Trading in the first quarter of 2005 was ahead of management expectations with the Group achieving $29m revenues over the period. This gives us the confidence to state that revenues are on track to more than double to $120m and become profitable for the full year 2005."
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share data
December 31,
-------------------
2003 2004
--------- ---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $26,192 $45,458
Short-term bank deposits - 1,862
Accrued interest 3,207 2,332
Short-term available-for-sale marketable
securities - 15,338
Short-term held-to-maturity marketable
securities 84,932 24,104
Trade receivables 3,343 4,414
Other receivables and prepaid expenses 2,374 7,197
Inventories 432 6,872
Assets of discontinued operations 23,465 769
--------- ---------
Total current assets 143,945 108,346
-------------------------------------------------- --------- ---------
LONG-TERM INVESTMENTS:
Long-term available-for-sale marketable securities - 20,585
Long-term held-to-maturity marketable securities 128,908 77,219
Restricted deposit - 51,955
Other long-term investments 4,536 11,840
Severance pay fund 1,385 1,194
--------- ---------
Total long-term investments 134,829 162,793
-------------------------------------------------- --------- ---------
PROPERTY AND EQUIPMENT, NET 7,147 6,539
--------- ---------
GOODWILL, NET 2,532 67,264
--------- ---------
INTANGIBLE ASSETS, NET 907 4,853
--------- ---------
$289,360 $349,795
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $1,090 $37,708
Short-term loans - 15,042
Deferred revenues 241 1,262
Other payables and accrued expenses 7,325 29,473
Liabilities of discontinued operations 8,587 1,585
--------- ---------
Total current liabilities 17,243 85,070
-------------------------------------------------- --------- ---------
ACCRUED SEVERANCE PAY 2,100 3,488
--------- ---------
LONG-TERM LOAN - 479
--------- ---------
LONG-TERM RESTRUCTURING ACCRUAL 1,881 4,559
--------- ---------
MINORITY INTERESTS - 11,115
--------- ---------
SHAREHOLDERS' EQUITY:
Share capital:
Ordinary shares of NIS 0.01 par value:
Authorized - 200,000,000 shares as of December 31,
2003 and 2004, Issued - 139,669,227 shares as of
December 31, 2003 and 140,562,700 shares as of
December 31, 2004; Outstanding - 135,600,624
shares as of December 31, 2003 and 134,971,692
shares as of December 31, 2004 414 416
Additional paid-in capital 465,056 465,896
Foreign currency translation adjustment - 1,785
Deferred stock compensation (219) -
Treasury stock, at cost (5,702) (8,623)
Accumulated other comprehensive income 66 252
Accumulated deficit (191,479) (214,642)
--------- ---------
Total shareholders' equity 268,136 245,084
-------------------------------------------------- --------- ---------
$289,360 $349,795
========= =========
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
Year ended December 31,
--------------------------------------
2002 2003 2004
------------ ------------ ------------
Revenues $3,154 $7,294 $45,146
Cost of revenues 3,715 3,344 38,220
------------ ------------ ------------
Gross profit (loss) (561) 3,950 6,926
------------ ------------ ------------
Operating expenses:
Research and development, net 16,819 8,975 11,386
Sales and marketing 18,325 11,054 11,547
General and administrative 7,739 8,108 10,240
Amortization of intangible
assets 835 1,823 509
Restructuring and other
charges and impairment of
property and equipment 5,617 - 6,338
------------ ------------ ------------
Total operating expenses 49,335 29,960 40,020
------------------------------- ------------ ------------ ------------
Operating loss (49,896) (26,010) (33,094)
Financial income, net 13,041 9,940 9,540
Other income (loss), net (5,446) (12) 12,345
------------ ------------ ------------
Loss before equity in losses of
an affiliate and minority
interests in losses of
subsidiaries (42,301) (16,082) (11,209)
Equity in losses of an
affiliate (229) - -
Minority interests in losses of
subsidiaries - - 61
------------ ------------ ------------
Net loss from continuing
operations, before cumulative
effect of a change in an
accounting principle (42,530) (16,082) (11,148)
Net loss from cumulative effect
of a change in an accounting
principle (23,055) - -
------------ ------------ ------------
Net loss from continuing
operations (65,585) (16,082) (11,148)
Net loss from discontinued
operations (25,421) (29,964) (12,015)
------------ ------------ ------------
Net loss $(91,006) $(46,046) $(23,163)
============ ============ ============
Basic and diluted net loss per
share:
From continuing operations $(0.31) $(0.12) $(0.08)
============ ============ ============
From cumulative effect of a
change in an accounting
principle $(0.17) $- $-
============ ============ ============
From discontinued operations $(0.18) $(0.22) $(0.09)
============ ============ ============
Basic and diluted net loss
per share $(0.66) $(0.34) $(0.17)
============ ============ ============
Weighted average number of
shares used in computing basic
and diluted net loss per share 137,452,524 135,628,372 134,953,259
============ ============ ============
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands
Foreign
Additional currency
Share paid-in translation
capital capital adjustments
------- ---------- ------------
Balance as of January 1, 2002 $411 $463,239 $-
Repurchase of shares, net - - -
Re-issuance of shares upon
acquisition of assets from UCnGO
Ltd. and UCnGo Inc. - (139) -
Issuance of shares upon exercise of
stock options 1 143 -
Stock compensation expenses in
respect of options which terms
have been modified - 55 -
Deferred stock compensation - 1,500 -
Amortization of deferred stock
compensation - - -
Comprehensive loss:
Unrealized gain on forward and
put-option contracts, net - - -
Net loss - - -
------- ---------- ------------
Total comprehensive loss
Balance as of December 31, 2002 412 464,798 -
Repurchase of shares, net - - -
Issuance of shares upon exercise of
stock options 2 258 -
Amortization of deferred stock
compensation - -
Comprehensive loss:
Unrealized gain on put and call
option contracts, net - - -
Net loss - - -
------- ---------- ------------
Total comprehensive loss
Balance as of December 31, 2003 414 465,056 -
Repurchase of shares, net - - -
Issuance of shares upon exercise of
stock options 2 848 -
Amortization of deferred stock
compensation - (8) -
Comprehensive loss:
Unrealized losses on put and call
option contracts, net - - -
Unrealized gains from available-
for-sale securities, net - - -
Foreign currency translation
adjustments - - 1,785
Net loss - - -
------- ---------- ------------
Total comprehensive loss
Balance as of December 31, 2004 $416 $465,896 $1,785
======= ========== ============
Accumulated
Deferred Treasury other
stock Stock, comprehensive
compensation at cost income (loss)
------------- -------- -------------
Balance as of January 1, 2002 $- $(423) $(784)
Repurchase of shares, net - (3,566) -
Re-issuance of shares upon
acquisition of assets from
UCnGO Ltd. and UCnGo Inc. - 1,080 -
Issuance of shares upon
exercise of stock options - - -
Stock compensation expenses in
respect of options which terms
have been modified - - -
Deferred stock compensation (1,500) - -
Amortization of deferred stock
compensation 300 - -
Comprehensive loss:
Unrealized gain on forward and
put-option contracts, net - - 803
Net loss - - -
------------- -------- -------------
Total comprehensive loss
Balance as of December 31, 2002 (1,200) (2,909) 19
Repurchase of shares, net - (2,793) -
Issuance of shares upon
exercise of stock options - - -
Amortization of deferred stock
compensation 981 - -
Comprehensive loss:
Unrealized gain on put and
call option contracts, net - - 47
Net loss - - -
------------- -------- -------------
Total comprehensive loss
Balance as of December 31, 2003 (219) (5,702) 66
Repurchase of shares, net - (3,539) -
Issuance of shares upon
exercise of stock options - 618 -
Amortization of deferred stock
compensation 219 - -
Comprehensive loss:
Unrealized losses on put and
call option contracts, net - - (66)
Unrealized gains from
available-for-sale
securities, net - - 252
Foreign currency translation
adjustments - - -
Net loss - - -
------------- -------- -------------
Total comprehensive loss
Balance as of December 31, 2004 $- $(8,623) $252
============= ======== =============
Total
Accumulated comprehensive
deficit loss Total
----------- ------------- ---------
Balance as of January 1, 2002 $(54,427) $408,016
Repurchase of shares, net - (3,566)
Re-issuance of shares upon
acquisition of assets from UCnGO
Ltd. and UCnGo Inc. - 941
Issuance of shares upon exercise
of stock options - 144
Stock compensation expenses in
respect of options which terms
have been modified - 55
Deferred stock compensation - -
Amortization of deferred stock
compensation - 300
Comprehensive loss:
Unrealized gain on forward and
put-option contracts, net - $803 803
Net loss (91,006) (91,006) (91,006)
----------- ------------- ---------
Total comprehensive loss $(90,203)
=============
Balance as of December 31, 2002 (145,433) 315,687
Repurchase of shares, net - (2,793)
Issuance of shares upon exercise
of stock options - 260
Amortization of deferred stock
compensation - 981
Comprehensive loss:
Unrealized gain on put and call
option contracts, net - $47 47
Net loss (46,046) (46,046) (46,046)
----------- ------------- ---------
Total comprehensive loss $(45,999)
=============
Balance as of December 31, 2003 (191,479) 268,136
Repurchase of shares, net - (3,539)
Issuance of shares upon exercise
of stock options - 1,468
Amortization of deferred stock
compensation - 211
Comprehensive loss:
Unrealized losses on put and
call option contracts, net - $(66) (66)
Unrealized gains from available-
for-sale securities, net - 252 252
Foreign currency translation
adjustments - 1,785 1,785
Net loss (23,163) (23,163) (23,163)
----------- ------------- ---------
Total comprehensive loss $(21,192)
=============
Balance as of December 31, 2004 $(214,642) $245,084
=========== =========
CONSOLDIATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Year ended December 31,
-----------------------------
2002 2003 2004
--------- --------- ---------
Cash flows from operating activities:
----------------------------------------
Net loss $(91,006) $(46,046) $(23,163)
Less: net loss from discontinued
operation (25,421) (29,964) (12,015)
--------- --------- ---------
Net loss from continuing operations (65,585) (16,082) (11,148)
Adjustments to reconcile net loss from
continuing operations to net cash
used in operating activities from
operations:
Impairment of property and equipment 634 - 1,646
Depreciation and amortization 3,691 4,718 4,825
Amortization of marketable debt
securities premiums and accretion of
discounts, net 3,135 2,743 1,669
Stock compensation expenses 355 981 211
Net loss (gain) on sales of
marketable securities 3 (140) (1,267)
Equity in losses of an affiliate 229 - -
Write-down of investments in
companies 5,419 97 30
Cumulative effect of a change in an
accounting principle, net 23,055 - -
Decrease (increase) in trade
receivables, other receivables and
prepaid expenses, inventories and
accrued interest income (1,854) 1,374 8,702
Increase (decrease) in trade
payables, other payables and accrued
expenses and accrued severance pay,
net 3,539 (4,777) (6,600)
Increase (decrease) in deferred
revenues (468) (298) 934
Increase (decrease) in long-term
restructuring accrual 2,247 (366) 2,678
Gain from issuance of subsidiaries'
shares to third parties - - (12,613)
Minority interest in losses of
subsidiaries - - (61)
Other 48 (97) 69
--------- --------- ---------
Net cash used in operating activities
from continuing operations (25,552) (11,847) (10,925)
Net cash used in operating activities
from discontinued operations (15,992) (25,282) (37,616)
--------- --------- ---------
Net cash provided by operating
activities (41,544) (37,129) (48,541)
--------- --------- ---------
Cash flows from investing activities:
----------------------------------------
Purchase of property and equipment,
net (5,922) (1,366) (252)
Proceeds from sale of property and
equipment 25 435 13
Investment in short-term bank deposits - - (240)
Proceeds from short-term bank deposits 10,334 - -
Investment in short-term marketable
securities (35,598) (17,020) (10,783)
Proceeds from maturity of short-term
marketable securities 84,389 55,126 1,032
Investment in long-term marketable
securities (98,879) (59,473) (68,147)
Proceeds from sales, calls and
maturity of long-term marketable
securities 34,102 33,880 154,344
Short-term loan to a third party, net 3,386 - -
Long-term loan to a third party - - (929)
Investment in long-term bank deposits - (571) (4,140)
Investment in restricted deposit - - (51,955)
Proceeds from long-term bank deposits 1,400 64 -
Payment for the acquisition of assets
from UCnGO Ltd. and UCnGO Inc. (2,621) - -
Payment for the acquisition of 60%
holding percentage of Innostream
Inc. - - (11,433)
Payment for the acquisition of
additional holding percentage of
Adamind Ltd. - - (500)
Investment in companies (979) (21) -
--------- --------- ---------
Net cash provided by (used in) investing
activities from continuing operations (10,363) 11,054 7,010
Net cash provided by (used in) investing
activities from discontinued operations (4,022) (2,222) 43,897
--------- --------- ---------
Net cash provided by (used in) investing
activities (14,385) 8,832 50,907
--------- --------- ---------
CONSOLDIATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Cash flows from financing activities:
-------------------------------------------
Repurchase of shares, net (3,566) (2,793) (3,539)
Short-term loans - - (3,327)
Proceeds from Initial Public Offering of
Orca Interactive Ltd, net - - 22,621
Proceeds from exercise of stock options,
net 339 223 405
-------- -------- --------
Net cash provided by (used in) financing
activities from continuing operations (3,227) (2,570) 16,160
Effect of exchange rate translation
adjustments on cash - - 237
-------- -------- --------
Increase (decrease) in cash and cash
equivalents from continuing operations (39,142) (3,363) 12,482
Increase (decrease) in cash and cash
equivalents form discontinuing operations (20,014) (27,504) 6,281
Cash and cash equivalents form continuing
operations at the beginning of the year 116,437 45,988 26,192
Cash and cash equivalents form
discontinuing operations at the beginning
of the year 281 11,574 503
-------- -------- --------
Cash and cash equivalents from continuing
operations at the end of the year $45,988 $26,192 $45,458
======== ======== ========
Cash and cash equivalents from
discontinuing operations at the end of the
year $11,574 $503 $-
======== ======== ========
--------------------------------------------------------------------------------
Contact:
Emblaze Ltd
Doron Cohen/Hagit Gal, +972 9 7699831/339
or
Corfin Communications
Harry Chathli, Neil Thapar, +44 20 7929 8989
--------------------------------------------------------------------------------
Source: Emblaze Ltd
Source: Business Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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