ORLANDO, Fla., Jan. 24, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it has published an investor update for 2005, which follows.
As we move into a new year, we bring new energy and vision to The WGL Inc. business model. Our revenue channel will include three distinct offerings:
-- Wholesale Memberships -- Reality Television Series -- Golf Real Estate
To date over 500,000 wholesale memberships have been distributed for client giveaways and promotions. The WGL Inc. expects a 40% redemption rate and close to $10,000,000 in revenue through the third quarter of 2005.
The Reality Television Series is in the final stages of negotiations and is scheduled for production in the spring with a summer airing. We have delayed signing a network deal until such time as we are assured that we will maintain all licensing rights for the show through the third season. This will produce maximum revenue for The WGL Inc. and maximum shareholder value. We fully expect the series to grow to an annual value of $20 to $30 Million Dollars.
Additionally, The WGL Inc. has begun the process of reviewing several Golf Course properties for the option to purchase, in the Central Florida area. The market is ripe in Central Florida for golf course opportunities and or development, which will add tremendous value and future appreciation to The WGL Inc. balance sheet.
Upon effective registration of additional shares, to be used as collateral against the $2.2 remaining credit line with Golden Gate Investors, we plan on retiring the note due the 2001 players for $218,000 and holding our 2004 National Finals at the end of February. As revenue permits, we will also be considering a stock repurchase plan to decrease the amount of shares outstanding. Our objective would be to purchase back at least 50% of total outstanding shares during the fiscal 2005 year. With solid fundamentals and a manageable float, we are committed to deliver shareholder value for 2005.
Finally, we will be adding additional management resources to the WGL team, including a CFO in the near future. As always, we are determined to meet the objectives stated, while building long-term value for the 6 thousand plus WGL, Inc. shareholders.
Sincerely,
Michael S. Pagnano, CEO The World Golf League, Inc.
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.