twitter google

IFL to hold their Annual Stockholder’s Meeting

As you can see here, the IFL is having it’s 2007 stockholder’s meeting on June 28th. One of the main reasons for this is to try and sucker everyone into agreeing to allow them to double the number of stocks available:

The Board believes that the increase in the number of authorized shares is necessary to provide us with the ability and flexibility to raise additional capital that is necessary to fund the business in the future. If this proposal is approved, we could raise this capital through public or private equity offerings and adopt additional benefit plans, without the need to seek stockholder approval at that time. IFL is still in the early stages of building its business and needs the flexibility to raise additional capital as opportunities present themselves. The company had losses in 2006 and the first quarter of 2007, and expects to incur losses for the remainder of 2007. As a result, the company will need to raise additional capital to fund future operations and to continue building the IFL brand name, expanding its TV exposure and increasing the market for its team-based mixed martial arts league.

Okay, so you didn’t read that. The short and sweet is: OMG WE R BROKE LOL. LET’S SELL MORE STOCK!!!11! This is apparently the plan Kurt Otto has to deal with the fact that the IFL will be out of money by the end of the year.