ORLANDO, Fla., June 14, 2004 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it has secured through Golden Gate Investors of California, $2.75 million in funding to support its continued operations and strategic growth. Golden Gate Investors, over the next 12 months will acquire approximately a 20% equity stake in The WGL Inc.
"We are thrilled to have teamed with Golden Gate Investors to provide the WGL with the necessary capital to execute our business model," said Mike Pagnano, CEO, The World Golf League, Inc. "We will now be in a position to substantially upgrade our infrastructure, which will include marketing, administrative and financial human resources as well as continued brand awareness campaigns. The commitment from Golden Gate Investors assures the continued viability of the WGL brand and will contribute substantially to the WGL meeting its business and financial objectives over the next several years," 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.