ProElite, King of the Cage Close Strict Foreclosure Agreement
Jul
10, 2009, 4:30 p.m. EST
ProElite,
King of the Cage Close Strict Foreclosure Agreement
LOS
ANGELES, Jul 10, 2009 (BUSINESS WIRE) -- ProElite, Inc. (OTB:XXXX.XX) 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 Xxxxx and
Xxxxx Xxxxxxxxxx. With the agreement, XxxXxxxx's outstanding debt to King of the
Cage has been satisfied; and King of the Cage, under the leadership of founder
Xxxxx Xxxxxxxxxx, again becomes an independent company with control over its own
extensive video library.
ProElite
CEO Xxxxxxx X. Xxxxxxxx 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.
Hud
Xxxxxxxxx
Beacon
Advisors, Inc.
312.280.8100
