Funtech Buys Sports Business
Published: Tuesday, April 11, 2006 Online-Casinos.com
FUNTECH BUYS FANTASY SPORTS BUSINESS
$3.85 million paid to Silverstar
Silverstar Holdings, Ltd., the Boca Raton-based parent company of Fantasy
Sports, Inc. has sold substantially all the assets and business of its subsidiary,
to Lorne Abony's Canadian public company FUN Technologies Inc.
Consideration paid for the sale was $3.85 million in cash paid at the closing
plus the assumption of certain operating liabilities.
Silverstar Holdings will record a gain of approximately $2 million on the sale.
Clive Kabatznik, president and CEO of Silverstar Holdings, said, "Over
the past 12 months we have shifted our focus toward the acquisition of broad
based entertainment software companies and platforms. As a result, Fantasy Sports
was no longer viewed as a core holding to fuel our long-term growth.
"This sale will enable us to focus on the acquisition and operation of
businesses more suited to our overall growth strategy. We will use the proceeds
from the sale for the repayment of debt and future acquisitions. With approximately
$15 million in cash and notes receivable, we are well positioned to take advantage
of strategic opportunities as they may arise."
