OR-YEUDA, Israel, September 3, 2010 /PRNewswire-FirstCall/ -- Formula
Systems (1985) Ltd. (NASDAQ: FORTY), a leading provider of information
technology products, solutions and services, today announces that its
controlling shareholders, Emblaze Ltd. (LSE:BLZ) informed Formula that it
entered today into an agreement for the sale of its entire shareholding in
Formula to Asseco Poland SA, the largest Polish IT company (Warsaw Stock
Exchange: ACP) and a leader of the Asseco Group.
The closing of the transaction is expected to occur by no later than
November 30, 2010 and is subject to certain closing conditions.
Guy Bernstein, Chief Executive Officer of Formula Systems, said:"I see
huge potential in this partnership. Asseco provides access to new markets,
especially in the region of East Central Europe, where we have had virtually
no significant business so far. I am glad that Formula will have a real
impact on the shape and direction of the Asseco group. I hope that together
we will manage to acquire further valuable software and IT companies to
strengthen our position in the existing markets as well as to open
opportunities for new ones."
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.
Contact:
Guy Bernstein, Formula Systems (1985) Ltd. +972-3-5389487
SOURCE Formula Systems Ltd.
