ORLANDO, Fla., May 18, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that effective immediately it has cancelled 77,535,376 of previously issued S8 shares of common stock. The consulting agreements associated with the issuance of the shares have been terminated and the WGL has no plans to enter into any additional consulting agreements at this time. The cancelled shares have been returned to WGL treasury stock.
"After careful review, we determined that the services contracted for could be more effectively performed in house, with a substantial savings to the WGL and its shareholders," said Mike Pagnano, CEO The WGL, Inc. "The cancellation of the S8 shares significantly reduces the dilution of the WGL float and should be reflected shortly in the WGL share price. The WGL remains one of the most actively traded stocks on the OTCBB, with daily volume exceeding 7,000,000 shares and close to 6,000 individual shareholders," 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. The WGL is also the producer of the Million Dollar Shootout reality television series and has awarded over $1,000,000 in prize money to date.
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.