Silverstar Holdings Ltd. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share.

The NASDAQ Stock Market announced that it will delist the common stock of Silverstar Holdings Ltd. Silverstar Holdings Ltd.'s stock was suspended on March 12, 2009 and has not traded on NASDAQ since that time. NASDAQ will file a Form 25 with the Securities and Exchange Commission to complete the delisting. The delisting becomes effective ten days after the Form 25 is filed.

As previously disclosed on a Form 8-K filed with the SEC on March 20, 2008, Silverstar Holdings Ltd. entered into a Securities Purchase Agreement, dated as of March 19, 2008, with certain accredited investors named therein, pursuant to which the Company issued to the Purchasers (i) 9% Secured Convertible Debentures in the aggregate principal amount of $7,500,000 due March 19, 2012 and (ii) warrants to purchase an aggregate of 3,124,999 shares of the Company's common stock, par value $0.01 per share, at an exercise price of $1.50 per share. Under the 2008 Debentures, the failure to pay interest for a period of three trading days, or the failure of the Company's common stock to be eligible for quotation on a trading market specified in the 2008 Debentures, including the Nasdaq Capital Market, for a period of five trading days, are each 'Events of Default' under the 2008 Debentures. Under the 2008 Debentures, upon the occurrence of an 'Event of Default,' a holder of a 2008 Debenture may elect upon written notice to the Company to require the Company to immediately pay such holder an amount equal to the sum of (i) the greater of (A) 115% of the principal amount of the 2008 Debentures to be prepaid, plus all accrued and unpaid interest thereon, or (B) the principal amount of the 2008 Debentures to be prepaid, plus all other accrued and unpaid interest thereon, divided by the conversion price of the 2008 Debentures on (x) the date the 2008 Debenture Mandatory Default Amount is demanded or otherwise due or (y) the date the 2008 Debenture Mandatory Default Amount is paid in full, whichever is less, multiplied by the VWAP on (x) the date the 2008 Debenture Mandatory Default Amount is demanded or otherwise due or (y) the date the 2008 Debenture Mandatory Default Amount is paid in full, whichever is greater, and (ii) all other amounts, costs, expenses and liquidated damages due in respect of the 2008 Debenture. Commencing five days after the occurrence of an 'Event of Default' that results in the eventual acceleration of the 2008 Debentures, the interest rate on the 2008 Debentures will accrue at a rate of 18% per annum. On March 16, 2009, the Company received a default notice from GCP O & G I LLC, a Purchaser under the 2008 Agreement, with respect to its 2008 Debenture. On March 16, 2009, the Company received a default notice from Harborview Master Fund L.P., a Purchaser under the Agreement, with respect to its 2008 Debenture. On March 17, 2009, the Company received a default and acceleration notice from GCP on behalf of itself, Alpha Capital Anstalt, Barry Honig, all 2008 Purchasers under the 2008 Agreement, with respect to their 2008 Debentures. The default and acceleration notice provides that an Event of Default has occurred due to the failure of the Company to make an interest payment on the 2008 Debentures on March 1, 2009 and the failure of the Company's common stock to remain eligible for quotation on a trading market specified in the 2008 Debenture.

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