ProElite announces new CEO

ProElite announced Jerold Rubinstein has been appointed CEO and Chairman of the Board of ProElite, Inc and parent Stratus Media Group.  He replaces Paul Feller who steps down but remains as a consultant with the company.

Via press release:

ProElite, Inc. (otc pink:PELE) announced today that Jerold Rubinstein has been appointed CEO and Chairman of the Board of ProElite, Inc. and its parent company Stratus Media Group, Inc. (otcqb:SMDI). Mr. Rubinstein replaces Paul Feller, who will remain a consultant to the company.

Mr. Rubinstein has been a member of the board of directors of Stratus since March 2011 and has been chairman of the audit committee since that time. He is a member of the board of directors and the chairman of the audit committee of CKE Restaurants, the parent company of Carl’s Jr. Restaurants and Hardee’s Restaurants, which had $1.3 billion in revenues in 2011. He also serves as the non-executive chairman of U.S. Global Investors Inc., a mutual fund advisory company which had $42 million of revenues in 2011 and $2.6 billion of assets under management. Mr. Rubinstein has created and sold numerous companies during his career, including Bel Air Savings and Loan and DMX, a cable and satellite music distribution company. Mr. Rubinstein started and sold XTRA Music Ltd., a satellite and cable music distribution company in Europe. Most recently Mr. Rubinstein consults with, and serves on, 3 early stage development companies. Mr. Rubinstein is both a CPA and attorney.

 

Payout Perspective:

It will be interesting to see how Rubinstein will do with ProElite.  As reported this past March, ProElite was delinquent with its SEC reporting.  At the time of the report, ProElite indicated that it would take care of the necessary filings with the SEC.  As of now, ProElite has no events scheduled and it could be a result of the lack of capital at this point.  Hopefully, Rubinstein will be able to turn the company around.