July 13, 2009 (FinancialWire) — ProElite, Inc. (OTB: PELE) said it has closed a strict foreclosure agreement that returns King of the Cage, a mixed martial arts brand, to Terry and Julie Trebilcock, the brand’s original owners.

The company said that an unspecified amount debt owed to King of the Cage has been satisfied with the agreement. King of the Cage, under the leadership of founder Terry Trebilcock, will again be an independent company with control over its own video library.

ProElite CEO Charles F. Champion said that financial and legal issues between the two entities have been “completely resolved.”

Los Angeles-based said it ProElite retains assets including MMA brands such as Spirit MC, an entertainment website, and a library of MMA events.

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