Silverleaf Resorts Shareholders Approve Merger Agreement (SVLF)

Silverleaf Resorts, Inc. SVLF a leader in the development, marketing and operation of timeshare resorts, announced today that its shareholders have approved Silverleaf's merger with Resort Merger Sub Inc., an affiliate of Cerberus Capital Management, L.P. The merger was approved by holders of 28,946,503 shares of Silverleaf's outstanding common stock, representing approximately 75.9% of all votes entitled to be cast by holders of common stock. Subject to the satisfaction or waiver of certain conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission by Silverleaf on April 18, 2011, and as supplemented on May 9, 2011, Silverleaf expects to close the merger on or about May 16, 2011.