October 22, 2008
Parent Company of RingSports.Com Announces Bid to Purchase EliteXC’s MMA Websites
SAN FRANCISCO, Oct. 22 /PRNewswire/ -- OBSNews.com -- Online Broadcasting Systems, Inc., the parent company of Mixed Martial Arts (MMA) and Boxing News company http://www.ringsports.com/ announced today that it is seeking to purchase certain internet-related aspects of the troubled Mixed Martial Arts (MMA) businesses known as EliteXC. The purchase offer amount, said to be formally forthcoming later this week, was not disclosed.
EliteXC announced today that it will seek bankruptcy protections after losing close to $55 million in the past two years.RingSports.com CEO Manny Fernandez said, "I admire what Gary Shaw and EliteXC have tried to do for the sport of mixed martial arts, and I hope we can build on some of the great aspects of their internet foundation, especially the technology of their websites and their social networking aspects."
Fernandez indicated that his company has lined up many veterans of the social networking industry from the Silicon Valley area who are also MMA fans and who want to help build a great social network devoted to MMA.
EliteXC has been in the national spotlight recently as a result of its promotion of street fighter turned MMA star Kimbo Slice. But, Slice's fame and that of EliteXC may be brutally linked in a death spiral thanks to reported financial mismanagement and a knockout of Slice in 14 seconds by a relatively unknown fighter named Seth Petruzelli.
EliteXC had inked deals with CBS and Showtime to bring MMA to a nationwide audience and even achieved notoriety with the aid of female MMA superstar Gina Carano. But, apparently, the efforts and successes were not enough to keep the company afloat.
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CONTACT: Manny Fernandez of RingSports.com, +1-916-868-3033
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