You might say everybody was kung fu fighting at this company. IFLI Acquisition was formerly known as International Fight League (IFL), a sports and entertainment company that operated a mixed martial arts (MMA) league. The now-defunct IFL generated most of its revenue through ticket sales to live events and television fees from a broadcasting deal with FOX Sports Net. Citing mounting losses, IFL discontinued its operations in 2008 and became a shell company, which changed its name in 2010. CEO C. Leo Smith controls 90% of IFLI Acquisition through Insurance Marketing Solutions.
While MMA continues to enjoy popularity, IFL was unable to compete for fans and TV viewers. The league was disbanded and IFL's operating unit filed for Chapter 11 bankruptcy. The same fate befell rival promoters such as EliteXC and Bodog Fight. Smith, a Florida businessman who has been involved in several past ventures, acquired control of IFL in early 2010.
IFL was started in 2005 and became a public company the next year through a reverse merger with Paligent, which formerly operated as HeavenlyDoor.com offering pre-planning services for funeral arrangements. Before it got into the funeral arrangement business, Paligent was a biotech firm known as Procept.