CBS Bankrolls Heat Card

October 10, 2008

While EliteXC has basically been living hand to mouth since the beginning of the year, subsisting for the large part on the various buy-ins from Showtime and CBS up to this point, according to the latest SEC filings, they look to have completely given up the ghost, as CBS completely underwrote the 10/4 event and received all revenues. The pertinent information:

Previously, CBS ordered an additional event under the Agreement from the Company scheduled to be presented on October 4, 2008, at The BankAtlantic Center in Sunrise, Florida (the “Sunrise Event”). The Company advised CBS that it was unable to deliver the Sunrise Event ordered by CBS for October 2008 under the current terms of the Agreement.

Accordingly, the Company and CBS agreed to amend the Agreement whereby CBS would assume all expenses for the event and receive all revenue from the event. CBS advanced the estimated event costs according to an agreed upon budget in order for the Company to pay expenses related to the event. Additionally, the Company and CBS waived mutual exclusivity under the Agreement for the Sunrise Event.

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