SOURCE: WGL Entertainment Holdings

October 24, 2006 17:08 ET

WGL Entertainment Holdings, Inc. to Order NOBO List

ORLANDO, FL -- (MARKET WIRE) -- October 24, 2006 -- WGL Entertainment Holdings, Inc. (OTCBB: WGLE) announced today that it will order a NOBO list (Non Objecting Beneficiary Owner) of its common shares from ADP Investor Services in order to determine the naked short positions outstanding. The list will be compared to the Depository Trust account of WGLE which shows all brokers and amounts of shares being held for public investors. A comparison of the NOBO list and DTC report will determine the short position. This will then be reported to the NASD (National Association of Securities Dealers) to take appropriate action against the violators of naked short regulations.

"We believe based on the good news of the past two days and the significant increase of WGLE volume, that a good portion of that volume is naked short selling. To protect our loyal investors and gain the appreciation in share value the WGL Million Dollar Shootout revenues will produce, this action is necessary," said Michael Pagnano, CEO of WGL Entertainment Holdings, 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 2007 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.