Jason Pair has nailed the question.
Yep, my training partners went to the one they just had in January up in Kentucky. I think the next one is in one of the Carolinas, but I could be mistaken. Pretty decent event. They had about 160 grapplers show up at the last one...a lot more then they expected. So, the events are gaining in popularity, and they're becoming a good regional opportunity for those in the Southeast.
The rules are a little different than the typical stuff out there. A little more liberal with the leglocks. The scoring is also WAY diferent than the Brazilian flavor tournaments. They fight 3 rounds (3 minutes, 2 minutes, and 1 minute). The 1st round is no points, and the only thing that counts is submission. They start scoring points in the second round for takedowns and position. If it's tied on points after the second round then the third round is sudden death...first clean takedown wins.