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Fun Technologies

 

For the agreed upon sum of 3.85 million dollars, FUN Technologies is now the new owner of Fantasy Sports. Boca Raton-based Silverstar Holdings, former parent company of Fantasy Sports, sold virtually all the assets and business of the Fantasy Sports subsidiary to FUN Technologies and, by doing so, gained approximately two million dollars from the sale. At the closing of the sale, FUN Technologies also agreed to take over certain operating liabilities of the company.

President and CEO of Silverstar Holdings, Clive Kabatznik, 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”.

Kabatznik further added: “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”.

Posted on: April 24, 2006

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