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PELE.PK > SEC Filings for PELE.PK > Form 8-K on 6-Nov-2008All Recent SEC Filings

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Form 8-K for PROELITE, INC.

6-Nov-2008

Triggering Events That Accelerate or Increase a Direct Financial Obligation or an


ITEM 2.04 (a) Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The Company received a Notice of Public Sale of Collateral dated October 31, 2008 from Showtime Networks ("Showtime") pursuant to its security interest in the Company's assets. In the notice, Showtime stated its intention to sell the Company's assets to the highest qualified bidder on November 17, 2008 at 10:30
a.m. Pacific Time at the office of Hughes Hubbard & Reed LLP, 350 South Grand Avenue, Los Angeles, CA 90071. The notice is attached hereto as Exhibit 2.9.

The Company plans to take all appropriate measures to prevent the sale from occurring. Such measures may include raising additional financing, filing a lawsuit enjoining the sale, filing a bankruptcy petition or negotiating a settlement with Showtime. There can be no assurances that the Company will be successful in any of these actions.

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