ALTAMONTE SPRINGS, Fla., Oct. 23, 2003 (PRIMEZONE) -- The WGL, Inc. (OTCBB:WGFL) announced today that it expects gross revenue for the first quarter ending March 31, 2004 to exceed $7.80 million with pre-tax income estimated at $2.20 million. The estimates are based on 65,000 new members in the first quarter of 2004 contributing $6.8 million and the WGL telemarketing program contributing $1.05 million.
"The WGL is very excited and confident about its upcoming marketing promotions," said Mike Pagnano, CEO of the WGL, Inc. "We have made great gains in positioning the WGL brand around the world and are now poised to take advantage of the tremendous demand for the play for pay concept. We remain on track to generate 130,000 new members for 2004, which only represents two-tenths of one percent of the world's golf population," Mr. Pagnano went on to say. Additionally, the WGL plans to spend 50% of its gross revenue on continuing marketing campaigns throughout the 2004 season.
The WGL operates in the $25 billion a year world golf market, and markets a professional golf concept in the USA and 27 international venues, which allow average golfers to play for substantial prize money in local and regional tournaments culminating with a PGA-style national event and world championship.
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.