Silverstar Holdings' Offer to Acquire All of the Shares of Empire Interactive plc Has Been Declared Wholly Unconditional.Transaction Becomes Unconditional with 85% Acceptance Further Acceptances Are Expected in the Next 14 Days BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Silverstar Holdings, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SSTR SSTR Somatostatin Receptor SSTR Stability, Security, Transition, and Reconstruction SSTR Solid State Track Recorder SSTR Small Business Technology Transfer Program SSTR Senior Staff Technical Representative ) today announced that the offer by its wholly owned UK subsidiary, Silverstar Acquisitions plc, to acquire all of the shares of Empire Interactive plc has been declared wholly unconditional. Silverstar Acquisitions has received valid acceptances of the offer in respect to 85% of Empire's outstanding shares. Under the terms of the United Kingdom Takeover Code, Silverstar Acquisitions' offer will remain open, subject to 14 days notice of closure, during which time the remaining Empire shareholders can tender their stock pursuant to the terms of the offer. Silverstar Acquisitions intends to effect the cancellation of Empire's listing on AIM. It is anticipated that this delisting will take place on but not before December 20, 2006. Payment in respect of the acceptances of the offer already received will be made on or before December 5, 2006. Clive Kabatznik, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Silverstar Holdings stated, "We are pleased that the Empire transaction has been declared wholly unconditional. We look forward to building the business to create greater value for our shareholders. In February 2007, we anticipate filing proforma consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge with Empire's results included for the period ended December 31, 2006." About Empire Interactive: Empire Interactive is a leading publisher of interactive entertainment software that has been established for 18 years. The company floated on AIM, part of the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. in July 2000. Headquartered in the UK, Empire Interactive also has offices in the US, Germany, France and Spain. The company develops and publishes a varied range of titles for all current platforms in the US, Europe and Asia. Games such as Starsky & Hutch hutch 1. standard cagelike accommodation for rabbits. 2. light, movable cabin for calves or pigs; to provide shelter and warmth for animals at pasture. hutch burn , Big Mutha Truckers Big Mutha Truckers is a racing video game developed by British studio Eutechnyx and released in 2002. Set in fictional Hick County, the game revolves around completing trips between cities, delivering goods, and competing in races while at the helm of an eighteen wheeler. , Ford Racing and FlatOut have all enjoyed success across the world. Its budget label, Xplosiv, is one of the fastest growing in Europe. Further information about Empire Interactive and its products can be found at www.empireinteractive.com. About Silverstar Holdings: Silverstar Holdings Ltd. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (NASDAQ: SSTR), focusing on acquiring controlling positions in high-growth retail-driven and fee-based electronic game businesses that stand to benefit from the economies of scale generated by the Internet and other technology-related platforms. It currently owns Strategy First Inc., a leading developer and worldwide publisher of entertainment software for the PC, as well as a stake in Magnolia Broadband, a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. and innovator of radio frequency (RF) solutions for the cellular industry. Via its wholly-owned UK subsidiary, Silverstar Acquisitions plc, it recently made a recommended offer to acquire all of the shares of Empire Interactive plc, a leading developer and publisher of interactive entertainment software games such as Starsky & Hutch, Big Mutha Truckers, Ford Racing and FlatOut. The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. |
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