ORLANDO, Fla., March 29, 2004 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it will raise up to $5 million in working capital through a Private Placement Memorandum. The PPM will offer investors a discount to current market price in exchange for SEC Rule 144 restricted stock, which must be held for one year from the date of issue. The World Golf League, Inc. expects to close the PPM by May 31, 2004.
"With the World Golf League, Inc. being one of the most actively traded stocks on the OTCBB, this is an excellent way to raise operating capital and reward investors for their loyalty. The issuance of 144 shares will not effect the outstanding float for 1-year and is the least expensive form of raising equity capital", said Mike Pagnano, CEO The World Golf League, Inc. "The capital will be used to enhance the marketing of the WGL brand and significantly increase the WGL infrastructure. This includes a 10-fold increase in media buys over the next several months and the hiring of executive and mid level management personal to take the WGL to the next level", Mr. Pagnano went on to say.
The WGL 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.