Full Press Release Details
Relaunch under Management of Stratus Media Group
MMA Events Planned for 2010
SANTA BARBARA, Calif.--(BUSINESS WIRE)--February 23, 2010--Stratus Media
Group, Inc. (OTCBB:SMDI), a live entertainment company, announced today
that Stratus has assumed control over the board of directors and the
management of ProElite Inc. (Pink Sheets:PELE), an entertainment and
media company involved in the promotion of mixed martial arts (MMA).
"This acquisition allows Stratus and ProElite to combine forces at the
management and board levels of both organizations," stated Paul Feller,
President and CEO of Stratus. "ProElite has a globally recognized brand.
We believe that by combining select key experienced management
executives, who made ProElite the immediate success it was, with new top
executives with demonstrated successes in conducting and televising MMA
events internationally and sufficient capital, that we will achieve the
brand's strategy for global growth and success. With this combination,
we can start focusing on strengthening and repositioning ProElite events
and the brand, planning a series of MMA events that we believe will
bring excitement to the MMA market, fans and our shareholders and
establish ProElite as a leading international MMA company."
Founded in 2006, ProElite still holds the record for highest ratings for
a major network telecast of a MMA event. ProElite also owns a web portal
with social networking for MMA fighters and fans and live streams of MMA
bouts not broadcast on television. A focal point of ProElite's live
event promotions is Elite XC. Running its first show in 2007, it quickly
became one of the most visible brands in mixed martial arts in the
United States. Prior to the sale of specific assets which produce
ongoing financial considerations owed from Strikeforce and King of the
Cage, ProElite recorded $13.5 million in MMA event and television
revenues for the 18 months ended June 2008. ProElite has engaged in an
extensive restructuring that included the sales of certain assets for
cash and a share of future revenues, significant expense reductions, the
elimination of $12 million of direct and contingent liabilities and the
shedding of unprofitable subsidiaries. The company maintains its
ownership stake in South Korean-based Spirit MC, and British promotion
About ProElite, Inc. (www.proelite.com)
ProElite, Inc. historically has delivered exciting entertainment
experiences in the world of mixed martial arts (MMA) with live
arena-based entertainment events, cable television programming on
Showtime Networks and community-driven interactive broadband
entertainment via the Internet. ProElite plans to deliver live MMA fight
events that showcase the world's top fighters internationally.
ProElite's interactive business, ProElite.com, plans to capitalize on
the growing popularity of the sport of mixed martial arts.
About Stratus Media Group, Inc.
Incorporated in November of 1998, Santa Barbara-based Stratus Media
Group is an owner, operator and marketer of live entertainment and
sporting events. The company is primarily focused on internal growth and
acquisitions within the live entertainment-related market, including
action sports, automotive shows, college sports, food events, motor
sports, music concerts and festivals, running events, diversified media
marketing, trade shows and expositions, and talent management. In
addition, the company intends to expand its consumer rewards marketing
and redemption activities through its Stratus Rewards Visa White Card --
providing exclusive redemption benefits to its cardholders in the form
of VIP event access, luxury trips, private jet travel, luxury
automobiles, high-end merchandise and other rewards for specified levels
of use. For more information on Stratus Media Group, Inc., go to www.stratusmediagroup.com.
Forward Looking Statements
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking information is inherently subject to risks and
uncertainties, and actual results could differ materially from those
currently anticipated due to a number of factors which include but are
not limited to risk factors inherent in doing business. Although the
company's management believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee future
results, levels of activity, performance or achievements. The company
has no obligation to update these forward-looking statements.
Stratus Media Group, Inc.
Christine Kolenik, 800-594-7734
Relations and Media Marketing