CEVO has announced the first CEVO XBOX Street Fighter 4 online event. The event is completely free to enter and features $500 in cash prizes for the top three finishes. The event is a 1-on-1 event and will be in a double elimination format. Below is a snippet of the press release from CEVO.

CEVO LLC (CYBER EVOLUTION) is very excited to announce the opening of the first CEVO Street Fighter 4 XBOX 360 Live Tournament. This online event is completely free to enter and will feature $500.00 in cash prizes.

The Street Fighter 4 XBOX 360 Live Tournament is a double elimination online event for gamers in the XBOX 360 community. The format of the tournament will be 1 v 1. Registration for the tournament will open on Thursday, March 5th at midnight and remain open until midnight Sunday, April 5th. First round matches will be scheduled April 6th after 11:01 PM CDT time and the deadline for first round matches will be April 9th.

Prizes and rules can be found by clicking here.