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More Problems For ProElite??

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Sam Caplan with the scoop:

In addition to EliteXC canceling its planned Sept. 20 event in Albuquerque, N.M., we are receiving word that its parent company, ProElite, has also called off a "Contenders 11" event in the UK that had been scheduled for today. "Contenders" is the "B" brand of Cage Rage, which was acquired by ProElite last year. Several layoffs have also taken place with Cage Rage now down to just three full-time employees.

ProElite also filed a notice with the SEC that they will be late in filing their 10-Q quarterly report for the fiscal second quarter that ended June 30. According to the extension request, ProElite intends to file their second quarter report on Aug. 19.

In other ProElite-related corporate, the company’s stock (PELE.PK) jumped from $2.50/share to $8.00 on Friday. That’s an increase of $5.50 in just one day. There’s no word why the stock suddenly jumped 220% in one day. I could speculate, but I won’t. But I think it’s obvious that something is going on behind the scenes.
I know one thing for certain, anytime there are cancellations there are problems and I'll leave it at that. I'm sure some of this has to do with the changing of the guardat EliteXC, with CBS kind of taking over the company. I'm sure they are still bleeding money, so these cancellations could be a ploy to try and save money. Basically, putting all their eggs in the basic for the next CBS show in October. I'll keep my ears to the streets on this situation.