Stratus Media Group to Acquire ProElite

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Stratus Media Group, Inc. (OTCBB: SMDI - News), a live entertainment company, announced today that it has entered into an agreement to acquire a 95% interest in ProElite, Inc. (PK: PELE), a sports, entertainment and media company that has produced arena-based mixed martial arts (MMA) events. Prior to the sale of significant revenue-generating assets, ProElite recorded $13.5 million in MMA event and television revenues during the 18 months ended June 2008. ProElite has engaged in an extensive restructuring that included the sales of these revenue-generating 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.“ProElite, a globally recognized brand, is a great addition to our portfolio of companies and live entertainment events and provides an experienced management team with demonstrated success in operating MMA events and generating broadcast revenues,” stated Paul Feller, President of Stratus. “By combining ProElite with sufficient capital and Stratus’ strengths in event production and sponsorship sales, we intend to re-establish ProElite as a leading international MMA company.”Stratus will purchase Series A Preferred Stock of ProElite, convertible into 95% of the outstanding Common Stock of Pr...
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STRATUS MEDIA GROUP, INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exh

Show all filings for STRATUS MEDIA GROUP, INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for STRATUS MEDIA GROUP, INC 22-Oct-2009Entry into a Material Definitive Agreement, Financial Statements and Exh Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information...
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STRATUS MEDIA GROUP, INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for STRATUS MEDIA GROUP, INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for STRATUS MEDIA GROUP, INC 21-Oct-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational ...
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Stratus Media Group, Inc. Announces Mike Dunleavy Sr. Has Joined Board of Directors

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Stratus Media Group, Inc. (OTCBB:SMDI - News), a live entertainment company, announced today that Mike Dunleavy Sr., general manager and head coach of the Los Angeles Clippers basketball team, has joined the Board of Directors for the Company. “Stratus has an exciting plan for continued worldwide growth within the live entertainment industry,” said Mike Dunleavy, Sr. “I am looking forward to being part of the board and helping to keep Stratus moving in a successful direction.”Mike Dunleavy Sr. is the current head coach and general manager of the Los Angeles Clippers, and currently ranks ninth among active coaches on the all-time NBA victory list. Selected in the sixth round (99th pick overall) by Philadelphia in 1976, Dunleavy played 11 seasons in the NBA with career averages of 8.0 points and 3.9 assists in 438 games for Philadelphia (1976-78), Houston (1978-82), San Antonio (1982-83) and Milwaukee (1983-85, 1988-1990). He began his coaching career as head coach for the Los Angeles Lakers is 1990. He then went on to coaching the Portland Trail Blazers and under his guidance the team matched its second best victory total in Blazers history. Dunleavy earned the 1999 NBA Coach of the Year award. This season he coached his 1000th career game and won his 500th career game.“We are pleased to add Mike to our board of directors,�...
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STRATUS MEDIA GROUP, INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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STRATUS MEDIA GROUP, INC Files SEC form 10-Q, Quarterly Report

Management's Plan of Operations The Company has suffered losses from operations and currently lacks liquidity to meet its current obligations. The Company had a net loss in 2008 of $2,093,267 and a net loss for the three and six months ended June 30, 2009 of $631,028 and $1,039,429, respectively. As of June 30, 2009, the Company had negative working capital of $4,015,055 and cumulative losses of $15,712,113. Unless additional financing is obtained, the Company may not be able to continue as a going concern. In the six months ended June 30, 2009, the Company raised $742,500 in cash through the issuance of common stock. The Company is actively seeking additional capital. However, due to the current economic environment and the Company's current financial condition, we cannot assure current and future stockholders there will be adequate capital available when needed and on acceptable terms. The financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result if the Company becomes unable to continue as a going concern. 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Notes to the financial statements which would substantially duplicate the disclosures contained in the financial statements for the most recent fiscal year 2008 for the Company have been omitted. The results of operations for the three and six months ended June 30, 2009 and 2008 are not necessarily indicative of t...
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STRATUS MEDIA GROUP, INC Files SEC form 10-Q, Quarterly Report

Management's Plan of Operations The Company has suffered losses from operations and currently lacks liquidity to meet its current obligations. The Company had a net loss for the three months ended March 31, 2009 of $408,401 and net income for the three months ended March 31, 2008 of $66,073. As of March 31, 2009, the Company had negative working capital of $3,857,406 and cumulative losses of $15,081,085. Unless additional financing is obtained, the Company may not be able to continue as a going concern. In the three months ended March 31, 2009, the Company raised $120,000 in capital through the issuance of common stock. The Company is actively seeking additional capital. However, due to the current economic environment and the Company's current financial condition, we cannot assure current and future stockholders there will be adequate capital available when needed and on acceptable terms. The financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result if the Company becomes unable to continue as a going concern. 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Notes to the financial statements which would substantially duplicate the disclosures contained in the financial statements for the most recent fiscal year 2008 for the Company have been omitted. The results of operations for the three months ended March 31, 2009 and 2008 are not necessarily indicative of the res...
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STRATUS MEDIA GROUP, INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for STRATUS MEDIA GROUP, INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for STRATUS MEDIA GROUP, INC 7-May-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational ...
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