Silverstar Holdings Plans to Strengthen the Board of Directors of Empire Interactive.Both the Founder of the Software Toolworks and the Current Chief Executive Officer of NCsoft Europe Agree to Join the Empire Interactive Board upon the Closing of the Acquisition of Empire Interactive by Silverstar Holdings 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: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 Joe Abrams and Geoffrey Heath have agreed to become the non-executive Chairman and a non-executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. of Empire Interactive, respectively. Their appointments are subject to and will take effect upon the closing of the acquisition of Empire Interactive by Silverstar Holdings which is anticipated to occur in late November 2006. Joe Abrams has acted as a financial consultant to a number of companies throughout his career. In 1998, he co-founded eUniverse, Inc., a publicly traded Internet entertainment portal, later renamed Intermix in·ter·mix tr. & intr.v. in·ter·mixed, in·ter·mix·ing, in·ter·mix·es To mix or become mixed together. [Back-formation from obsolete intermixt, from Latin Media Inc. Intermix was majority owner of MySpace.com and was sold to News Corp. for $580 million in 2005. In 1983, Mr. Abrams co-founded The Software Toolworks, Inc., a publicly held developer, publisher, and distributor of educational and entertainment software. He served in various capacities, including its President. Software Toolworks was sold to Pearson, Plc. in 1994 for $462 million. Geoffrey Heath is currently Chairman of the Climax Group Climax Group is an independent video game development company with two studios. Climax has released many games for all the major consoles: Sony PlayStation 2, Nintendo GameCube and Game Boy Advance, and Microsoft Xbox. and Chief Executive Officer of NCsoft Europe. He has over 30 years experience in the multimedia industry. He has served on the Boards and has advised various US and UK companies in the multimedia arena ranging from computer games to Internet-related companies. In 1988, he established Mindscape mind·scape n. A mental or psychological scene or area of the imagination. International. The company grew from a staff of two to 120 and was acquired as part of the Software Toolworks Group by Pearson, PLC. He was recently awarded the INDIN award for outstanding contributions to the Games Industry and an Honorary Doctorate at the University of Abertay, Dundee. "We are delighted that individuals of the caliber of Joe Abrams and Geoff Heath have agreed to become active members of the Empire Interactive's Board," stated Clive Kabatznik, Chief Executive Officer of Silverstar Holdings. Mr. Kabatznik further stated, "Joe and Geoff, along with Ian Higgins, Simon Jeffrey, and the current Empire executive staff will constitute a winning team. Joe Abrams is one of the most respected figures in the international entertainment software industry. His insight, contacts and experience will be invaluable to us as we position Empire for future growth. Geoff Heath, through his current executive positions, is at the cutting edge of both game development and massive multi-player gaming applications. He too has a wealth of experience and contacts that will prove invaluable to Empire going forward." 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, Italy 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. The statements which are not historical facts contained in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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