RNS Number:3047L
Collins Stewart Ld
20 May 2003

                                                                      FORM SAR 3

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which are
acquired.

                                               Date of disclosure 20th May, 2003

   DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                                SHARES ("SARs")


Date of acquisition 18th May 2003

Acquisition in Emblaze Systems Ld (name of company)


(1)  Class of voting shares          Number of shares/rights over shares  If rights over shares acquired,
                                     acquired                             as opposed to the shares
      (eg ordinary shares)                                                themselves, specify nature of
                                                                          rights



      Ordinary ILS 0.01              14,150,000... shares                 ...............................

                                   ............... rights


(2)  Resultant total holding of      Resultant total holding of rights    Total percentage
voting shares (and % of total voting over shares (and % of total voting
shares in issue)                     shares in issue)


      27,937,184 (20.12%)            Nil............... (   %)            27,937,184 (20.12%)

                                                                          
(3)  Party making disclosure  Collins Stewart Limited on behalf of Mr Eli Reifman.


(4)  (a)  Name of person acquiring shares or rights over shares Mr Eli Reifman
            and, if different, beneficial owner ..............................


      (b)  Names of any other persons acting by
            agreement or understanding (see SAR 5)  None


Signed, for and on behalf of the party named in (3) above .....................

(Also print name of signatory) Douglas Manuel.............


Telephone and extension number  0207 523 8298..............................

                     ______________________________________

Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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