The following is an excerpt from a blog entry on The Flying Triangle site:
Move over TUF, here comes EliteXC. Earlier this week, ProElite, Inc., the parent company of EliteXC, filed a current report with the Securites and Exchange Commission disclosing that it had entered into an agreement with Emmy award winning producer Mark Burnett to create a new mma reality show. For those of you who don't know, Burnett is the man responsible for the shows Survivor, the Apprentice, Rock Star and the Contender. Basically, EliteXC joining forces with Mark to create an mma reality show is the equivalent of an mma organization joining forces with Martin Scorsese to create an mma motion picture.
Details of the actual agreement were limited, but what we do know is that Mark will have ultimate control over the series and there is a possibility of Mark producing ppv events based on the series. Burnett is set to receive 17,000,000 shares of ProElite common stock exercisable at $3.00 per share in exchange for his services. As of June 21, there were approximately 43 million shares of ProElite common stock outstanding trading at $12.00 per share.