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Pro Elite Form NT 10-Q SEC Filing

By Zach Arnold | November 17, 2008

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The Company has spent and continues to spend significant time and resources in discussions with Showtime Networks, Inc. (Showtime) and CBS Corp. related to Showtime’s Senior Secured Note Payable and other debt owed to Showtime and exploring other financing transactions. While the Company has had laid offs, including employees involved in accounting and financial reporting, remaining management continues to work to secure financial transactions to enable to the Company to continue. Due to the Company’s limited resources and dedication of those resources to discussions with Showtime, CBS Corp. and other parties, the Company is unable to complete the consolidated financial reporting needed to file our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2008 with the Securities and Exchange Commission by the deadline without unreasonable effort and expense. Until the aforementioned items are resolved, the Company cannot determine the proper basis of accounting for its financial statements. Therefore, the Company requests additional time to file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2008. The Company cannot currently offer guidance as to when it expects to file its Quarterly Report.

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