Silverstar Holdings said it acquired PC game maker Strategy First...
Silverstar Holdings said it acquired PC game maker Strategy First through a Montreal bankruptcy court for about $600,000 cash, issuance of about 400,000 shares of common stock and assumption of about $400,000 in bank debt. Silverstar also noted “contingent…
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consideration based on the future profitability of Strategy First,” but didn’t provide specifics. Silverstar CEO Clive Kabatznik said the deal “marks the initial step toward implementing our strategic plan to become an owner and operator of a broad range of fee-based electronic game companies.” He said “we strongly believe that the fee-based electronic game industry, and in particular the online element of this industry, is one of today’s most exciting business opportunities” -- one that “can provide excellent shareholder value.” Kabatznik noted that Strategy had operated profitably before filing for bankruptcy last year; the combined firm “will continue to seek additional growth opportunities, both organically and through acquisition.” Strategy’s best-known games included Disciples: Sacred Lands and Jagged Alliance. Silverstar also owns Fantasy Sports and has a stake in Magnolia Broadband.