ProElite, King of the Cage Close Strict Foreclosure Agreement
If you can find the championship belt in this pic, you win a prize
From CNBC.com, King of the Cage, one of the oldest MMA organizations in the US, has now regained control to its assets, which were previously owned by ProElite, when bought during a merger with the company, which is great news and a victory for the all the little guys out there! Below is the official story.
LOS ANGELES, Jul 10, 2009 (BUSINESS WIRE) — ProElite, Inc. (OTB:PELE.PK) said today that it has closed a strict foreclosure agreement that returns King of the Cage, the highly successful mixed martial arts brand, to its original owners Terry and Julie Trebilcock. With the agreement, ProElite’s outstanding debt to King of the Cage has been satisfied; and King of the Cage, under the leadership of founder Terry Trebilcock, again becomes an independent company with control over its own extensive video library.
ProElite CEO Charles F. Champion said that the agreement closed today and that the financial and legal issues between the two entities have been completely resolved.
ProElite retains a number of prominent assets including a host of international MMA brands such as Spirit MC, its community-driven interactive broadband entertainment website, and an extensive library of MMA events.
SOURCE: ProElite, Inc.
CONTACT: Hud Englehart Beacon Advisors, Inc. 312.280.8100 Copyright Business Wire 2009 -0- KEYWORD: United States
North America
California INDUSTRY KEYWORD: Entertainment
Martial Arts
General Entertainment
Sports SUBJECT CODE: Contract/Agreement
