ORLANDO, Fla., April 27, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFLE) announced today that it has filed its annual 10K report with the SEC and requested removal of the "E" from it's trading symbol. The WGL is now in fully reporting status and is moving forward on several fronts with its business model. Negotiations continue in earnest to finalize a network contract for the Million Dollar Reality Series. In addition, The WGL Inc. is exploring the possibility of restructuring in a new public vehicle, to the mutual benefit of all current and future shareholders. The new structure if adopted, will include a new name, trading symbol and a significantly better public float. The new entity as a holding company will maintain ownership of the Million Dollar Reality Series and acquire existing golf and entertainment businesses as wholly owned subsidiaries.
"Our net operating loss for 2004 was reduced by 53.2% as compared to 2003 and our net cash flow deficit was reduced by 56.6% as compared to 2003," said Mike Pagnano, CEO The WGL, Inc. "We are making excellent progress in delivering on our business objectives for 2005 and are very excited about the possibilities that the Million Dollar Shootout and restructuring will bring to shareholder value," Mr. Pagnano went on to say.
The WGL markets a professional golf concept in the USA, which allows 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.