Stock prices for the International Fight League (OTCBB: IFLI) plummeted today, falling more than 60 percent soon after the market opened and staying there for the majority of the day.The drop seemed to coincide with the posting of a press release by the company, stating that the IFL will be releasing a DVD titled “IFL: Greatest Knockouts & Extreme Action” this coming September. According to the company’s press release, this DVD is a highlight reel of “all of the greatest punches, kicks, submissions and slams from the IFL’s inaugural 2006 season,” that “showcases all the incredible one-on-one bouts between all of your favorite IFL superstars and teams.”
IFL is rapidly making a name for itself in the Mixed Martial Art (MMA) world. Founded by Kurt Otto and Gareb Shamus, IFL bills itself as the world’s number one professional martial arts sports league, offering viewers the chance to see professional fighters duke it out in one-on-one to find out which one is the best fighter – and the best team – in the league.
The DVD, which will be released by Warner Home Video, will include fights with MMA superstars Chris Horofecki, Ben Rothwell, and Jay Hieron, along with others.
“[Warner Home Video] is ecstatic to be teaming up with the International Fight League with a DVD that will showcase some of the best mixed martial arts fighters in the world,” Don Polite, Warner Home Video’s executive director of Sports Marketing said in the press release. “The IFL is an up-and-coming league well on its way to stardom and this DVD will truly resonate with the mixed martial arts fan who enjoys one-on-one competition and non-stop action.”
Honeyed words, indeed – but they don’t explain why the stock took such a sudden dip this morning. By mid-afternoon, stock prices for the IFL tumbled from $2.90 a share to $1.23 a share – the lowest the stock has been since the company went public.
Repeated calls made to Michael Keith, head of the IFL’s Investor Relations department, went unreturned.