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Article Excerpt
Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good morning and welcome to the International Fight League Conference Call. Our speakers today will be Jay Larkin, President and Chief Executive Officer, Michael Keefe, General Counsel.
Before we begin, I'd like to read IFL's Safe Harbor statement. Please note this presentation contains forward-looking statements about management's goals, plans, expectations, which are subject to risk and uncertainties outlined in the risk factor section of IFL's Security and Exchange Commission's filings. Actual results could differ materially from those currently anticipated and we disclaim any obligation to update information discussed in this call as a result of developments which occur afterward.
At this time participants have been placed in listen-only mode, and the floor with open for questions and comments following the presentation. I would now like to turn the floor over to Mr. Larkin. Mr. Larkin, you may begin.
JAY LARKIN, PRESIDENT AND CEO, INTERNATIONAL FIGHT LEAGUE, INC.: Thanks. Good morning, everybody. Thanks for joining us. This morning we issued a news release announcing that Gareb Shamus has stepped down as Chairman, CEO and CFO, and from the IFL board of directors. Effective immediately the board of directors has named me as CEO, in addition to my title as president. Michael Keefe, our EVP and General Counsel, who is with us here today will be helping me by serving as the acting CFO, until we complete our ongoing search for a new CFO.
On behalf of the IFL, I'd like to express our appreciation to Gareb -- his vision in co-founding the Company, his passion. With Gareb at the helm, the IFL accomplished a great deal in its first year and a half. It's emerged as a legitimate contender and widely accepted brand in the MMA business. And it's a solid number two factor in the industry. The IFL has attracted name, talent and sponsors to the sport and has promoted a terrific series of events.
The Company now has domestic broadcast, cable and international television deals in addition to producing its first life broadcast event in the U.S. and Canada. We are very grateful to Gareb and he has our very best wishes. As for me, I'm honored to having been chosen to lead the IFL. I eagerly look forward to taking the IFL to the next level and beyond. Permit me to tell you a little bit about myself.
Over the past 20 years, I've produced hundreds of live events for television, many of them for cable, broadcast and international TV. I have been honored with a Primetime Emmy nomination. I have produced a Tony award nominated show in the 2005 Broadway season. However, I am perhaps best known for developing Showtime Championship Boxing and my association with them. I was the executive producer and primary deal making on bouts featuring Mike Tyson, Evander Holyfield and Julio Cesar Chavez for some of the biggest events in the history of the sport.
I've also staged some major concert events around the world and participated in them as a television executive. I've done shows with performers like Elton John, Frank Sinatra, Paul McCartney, The Rolling Stones, even The Spice Girls, and yes, Britney Spears. My experience has taught me how to produce exciting live events, including fights in particular, and most importantly how to market them to gain the greatest revenue. Thus, while the event itself is important, we as a company need to be focused on generating major revenue from ticket sales, television, sponsors and licensing, both here and abroad. That is why I chose to come to the IFL.
I believe there is a great growth opportunity in mixed martial arts, and that the IFL is well positioned to take advantage of this opportunity. Gareb, Kurt Otto and the rest of the IFL team have done a tremendous job building the IFL brand within the MMA universe in establishing relationships with some of the great MMA legends -- Renzo Gracie, Matt Lindland, Pat Miletich, Bas Rutten and Ken Shamrock.
However, there are a number of things we need to do to improve our cash flow and enhance the investment value in IFL. And while I am new in this position, more planning still needs to be done, we will and the board is in agreement and support on this, be making changes to the League and reorganizing our events to reduce costs, but also improve them as well.
We will focus more on producing...
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