SOURCE: WGL Entertainment Holdings, Inc.

June 30, 2008 10:28 ET

WGL Entertainment Holdings, Inc. Plans to Diversify

LAKE MARY, FL--(Marketwire - June 30, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it plans to acquire a private stem cell research company, which owns several valuable patents. The acquisition will be will be financed with restricted shares of WGL Entertainment Holdings, Inc. At the completion of the transaction, the patent rights will be transferred to a public medical equipment company for an equity stake and shares in the company.

"This will provide WGL Entertainment Holdings, Inc. the capital necessary to retire its convertible debentures and begin the stock repurchase plan as previously announced. WACO Capital of Houston, Texas will advise WGL Entertainment Holdings on this and future acquisitions," said Mike Pagnano, CEO WGL Entertainment Holdings, Inc. "Diversification will significantly increase shareholder value and revenues as we continue to execute our business model in the future. Additionally, the 'WGL Million Dollar Shootout' reality television series continues to do very well in its southeast regional airing on the CSS network. The beginning of the national airing of the MDSO has been moved to August 9th to coincide with the PGA Championship."

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.