SOURCE: WGL Entertainment Holdings, Inc.

August 04, 2008 07:00 ET

WGL Entertainment Holdings, Inc. Is Approved to Raise up to Six Million Dollars via Rule 3(a)(10)

LAKE MARY, FL--(Marketwire - August 4, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it has been approved to raise up to $6,000,000 pursuant to Section 3(a)(10) of the Securities Act and Section 517.061 of the Florida Securities Act (collectively, the "Exemption Status"). The ruling was granted by the Circuit Court of the Eighteenth Judicial Circuit in and for Seminole County, Florida. The funds will be raised through private investment and be used to acquire profitable firms in the Medical and Entertainment industry.

"This is a significant milestone for WGL Entertainment Holdings, Inc. The influx of capital will substantially strengthen our balance sheet as well as bring substantial value to our shareholders," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc. "Upon completion of the capital raise, we intend to retire 95% of all outstanding common shares and acquire at least three separate profitable entities. The raise will commence immediately following our merger with Stemtronics Inc."

WGL Entertainment Holdings, Inc., through its subsidiary WGL Entertainment, is the producer of the "WGL Million Dollar Shootout" Reality Television Series and several other made for T.V. sports entertainment events scheduled to be produced in 2008 and beyond.

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.

Contact Information

  • For more information contact:

    Michael Pagnano
    WGL Entertainment Holdings, Inc.