SOURCE: WGL Entertainment Holdings, Inc.

July 15, 2008 10:07 ET

WGL Entertainment Holdings, Inc. Update

LAKE MARY, FL--(Marketwire - July 15, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it has begun the common stock repurchase program as of July 7, 2008. As of today, 200 million shares have been repurchased. We plan on buying back up to 1.5 billion shares of the 2 billion shares outstanding. In addition, the acquisition of Stemtronics, a stem cell research company who owns several major patents in the stem cell treatment market, is on track to close within the next 30 days. The "WGL Million Dollar Shootout" (MDSO) continues to air on the CSS network and plans for a national airing are still on course. The MDSO will also begin airing in September in five European countries including the United Kingdom, Germany, France, Italy and Spain.

"We are making progress on several fronts, especially with the Stemtronics acquisition which will increase shareholder value significantly. We also plan on retiring our two convertible debentures and once again become fully reporting and up to date on all required SEC filings within the next 90 days. The second half of 2008 will be an exciting period for WGL Entertainment Holdings, Inc. and its shareholders," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc. "Thanks to all of our shareholders for their patience and continued support."

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.