SOURCE: The World Golf League, Inc.

December 01, 2005 07:00 ET

The WGL Announces Solid Third Quarter Results and New Projects

ORLANDO, FL -- (MARKET WIRE) -- December 1, 2005 -- The World Golf League, Inc. (OTC BB: WGFL) announced today that it has filed on November 14, 2005 its 10Q SB with the SEC for the 3rd quarter of 2005. Total assets increased 226% to $554,080 for the nine months ended September 30, 2005, from $245,606 for the period ending December 31, 2004. Total liabilities decreased 36.5% to $603.475 for the nine months ended September 30, 2005, from $950,610 for the period ending December 31, 2004. Revenue increased 1,067% to $523,948 for the nine months ended September 30, 2005, from $49,601 for the same period in 2004. Net loss decreased 42% to $1,520,508 for the nine months ended September 30, 2005, from $2,657,639 for the same period in 2004.

"Third quarter 2005 and the beginning of the fourth quarter 2005 have set several milestones for the WGL; not only did we improve on all of our financial measurements, we also completed the filming of the WGL Million Dollar Shootout Reality TV Series," said Mike Pagnano, CEO, The World Golf League, Inc. "The MDSO exceeded all of our expectations and will be positioned to be one of 2006's best new Reality Television Series. Additionally, we are planning two new very exciting golf-related made-for-television events, which will be produced by WGL Entertainment. The details of the new events will be announced shortly. Finally, the WGL plans to spin off its wholly owned subsidiary, WGL Entertainment, into its own public vehicle and provide current WGL shareholders 40% of the new company through the form of a stock dividend, details of which will be forthcoming. The World Golf League, Inc. continues to make tremendous progress and through WGL Entertainment and its new business model, looks forward to 2006 to be its best year ever."

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
    The WGL Inc.
    1-888-331-6272