STRATUS MEDIA GROUP, INC. NAMES JEROLD RUBINSTEIN, FORMER CO-OWNER OF UNITED ARTISTS RECORDS, AS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
SANTA BARBARA, CA (June 29, 2012) - Stratus Media Group, Inc. (OTCQB:SMDI) announced today that Jerold Rubinstein has been appointed CEO and Chairman of the Board of Stratus Media Group, Inc. and its subsidiary ProElite, Inc. (OTC Pink:PELE).
In June 2011, the Company acquired 95% ownership in ProElite, Inc., a New Jersey corporation (“ProElite or “PEI”), that organizes and promotes mixed martial arts (“MMA”) matches. PEI’s common stock is available on the OTC Market (“Pink Sheets”) under the symbol PELE.PK. In June 2011, SMDI acquired Series A Convertible Preferred Stock of PEI which is convertible into shares of PEI’s Common Stock equal to approximately 95% of PEI’s outstanding Common Stock. The Preferred Shares have voting rights on an as-converted basis. SMDI intends to convert the Preferred Shares as soon as practicable after PEI effects a reverse split of 1:25. All Share information and the exercise price of the PEI Warrant assumes the reverse split and is on a post-reverse split basis.
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