EXHIBIT 99.1
FOR IMMEDIATE RELEASE
STRATEGY FIRST ACQUIRES THE ASSETS OF MALFADOR MACHINATIONS
ACQUISITION INCLUDES SPACE EMPIRES FRANCHISE,
THE PREEMINENT PC SPACE GAME PROPERTY
MONTREAL, CANADA, APRIL 4, 2006 Strategy First Inc., a wholly owned subsidiary
of Silverstar Holdings Ltd. (Nasdaq: SSTR), announced today that it had acquired
all of the intellectual property assets of Malfador Machinations of Santa Rosa,
California. As part of the transaction, Aaron Hall, Malfador's president and
CEO, has joined the Strategy First management team to direct the ongoing
development of Malfador's successful Space Empires franchise under the Strategy
First banner.
Founded in 1995, Malfador Machinations and Aaron Hall have achieved widespread
industry recognition as the leading space genre game developer through the
remarkable series of award-winning titles in the Space Empires franchise. The
first four Space Empires games have garnered a cult following in the game
community and have sold over 30,000 copies primarily through online
distribution. The latest game in the series, Space Empires V, will be released
in the next few months.
Clive Kabatznik, president and CEO of Silverstar Holdings, said, "This
acquisition is a further step in fulfilling our strategy of becoming an owner of
promising, profitable entertainment software and media companies. As a leading
international game software publisher, Strategy First is ideally placed to
identify promising game franchises that can add significant value for our
shareholders."
"We have monitored the consumer acceptance of the Space Empires franchise since
entering into an exclusive distribution and publishing agreement with Malfador
in early 2005. The remarkable ongoing sales of existing games, and the
tremendous built-up anticipation for the release of Space Empires V, give us
confidence that the intellectual property we have acquired will have long term
value as the preeminent space genre game franchise.
Mr. Kabatznik concluded, "This transaction is immediately accretive to earnings
and we are pleased that Aaron Hall has joined our team. We will continue to seek
and secure similar acquisition opportunities in the future."
"I'm absolutely delighted to be part of the Strategy First family," said Aaron
Hall, president of Malfador Machinations. "They have already been helpful in
positioning the Space Empires franchise going forward, and our combined talents
will make this already successful property even stronger in the future."
"We're excited to add the Space Empires series to our library of award-winning
titles which already includes the successful Jagged Alliance and Disciples
franchises," said Don McFatridge, president of Strategy First. "We now have
three popular franchises under active development, and we've gained the
expertise of Aaron Hall, one of the industry's leading development luminaries."
ABOUT MALFADOR MACHINATIONS
Malfador Machinations, founded in 1995, is a noted developer of PC strategy
games. Its previous titles include "Space Empires II", "Space Empires III",
"Space Empires IV", "Space Empires IV Gold", "Dungeon Odyssey", and "Space
Empires: Starfury." Malfador Machinations' is based in Santa Rosa, CA. For more
information on Malfador Machinations visit www.malfador.com.
ABOUT STRATEGY
FIRST Strategy First Inc., a wholly owned subsidiary of Silverstar Holdings
(Nasdaq: SSTR), is a leading developer and worldwide publisher of entertainment
software for the PC. Founded in 1990, the Company
is well known for its proprietary groundbreaking titles, such as the award
winning Disciples and Jagged Alliance series of games, which are both under
continuing development. Simultaneously, Strategy First continues to publish many
of the industry's major titles, winning numerous awards for games such as
"Kohan: Immortal Sovereigns," "Steel Beasts," and "Galactic Civilizations."
Recent offerings include top releases such as "S.C.S. - Dangerous Waters(TM)"
and "Disney's Aladdin Chess Adventures." The Company provides a unique
alternative for independent developers seeking to market their games to a
worldwide audience. www.strategyfirst.com
ABOUT SILVERSTAR HOLDINGS
Silverstar Holdings Ltd. is a publicly traded company (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 Fantasy Sports, Inc., a dominant provider of fee-based NASCAR related and
other fantasy sports games, Strategy First Inc., a leading developer and
worldwide publisher of entertainment software for the PC, as well as a stake in
Magnolia Broadband, a fab-less semiconductor company and innovator of radio
frequency (RF) solutions for the cellular industry. www.silverstarholdings.com
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.