SOURCE: WGL Entertainment Holdings, Inc.

May 15, 2008 11:30 ET

WGL Entertainment Holdings, Inc. to Initiate Stock Repurchase Plan

LAKE MARY, FL--(Marketwire - May 15, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it will start buying its shares back in the open market beginning July 7, 2008. Up to $250,000 worth of WEHI will be purchased over the course of two months, retiring approximately one billion shares. Revenues from the national and regional airings of the MDSO as well as the online golf challenge will be used to support the buyback. In addition, WGL Entertainment Holdings, Inc. will retire all convertible debentures outstanding by August 1, 2008 totaling approximately $300,000.

"It is anticipated that WGL Entertainment Holdings, Inc. share value will rise to approximately 20 cents after the buyback is completed. With no convertible debt outstanding, stock dilution will stop completely and our shares can trade on pure market fundamentals," said Mike Pagnano, CEO WGL Entertainment Holdings, Inc. Mr. Pagnano went on to say that equity financing is being arranged for the production of MDSO II in the amount of $1.7 Million and will not be tied to the company stock. The investor group will become a minority partner in the revenue stream of the Online Golf Challenge and MDSO II. "We have a very solid plan in place to stabilize our price per share and reward our loyal shareholders who have stayed the course over the past four years."

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.