ORLANDO, Fla., July 29, 2004 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that its gross profit for the 2nd quarter ending June 30, 2004 was $321,207. The revenue represents a combination of both retail and wholesale membership sales. The WGL also realized $511,000 in additional paid in capital for the six months ended June 30, 2004.
"We are thrilled that our marketing efforts have begun to pay off and especially excited about the early success of our wholesale membership campaign," said Mike Pagnano, CEO, The WGL, Inc. "The majority of our sales initiatives for the remainder of the year will be concentrated in the wholesale arena, where large numbers of memberships can be sold at a fraction of the cost of selling single retail memberships. We expect our 3rd and 4th quarter results to be fueled by large wholesale orders, which will have a very positive effect on The WGL bottom line. The WGL is now profitable and with our reality series soon to be produced, the future for WGL shareholders looks bright indeed."
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.