SOURCE: WGL Entertainment Holdings, Inc.

September 09, 2008 10:03 ET

WGL Entertainment Holdings, Inc. Update to Shareholders

LAKE MARY, FL--(Marketwire - September 9, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it would like to update its shareholders on several open matters. First and foremost, the merger with Stemtronix has been delayed as we continue to work out the terms and conditions of the merger. We are seeking the most favorable terms for our shareholders, which will add value to their current holdings. We estimate that the merger will be closed within two weeks. Also, we would like to report that the recent addition of 5 billion shares to the company's authorized common shares will be used as 144 restricted shares to raise the $6,000,000 from our 3a10 security agreement. The amount of restricted shares to be issued has not been determined and will depend on the value of Stemtronix post merger. As part of the terms and conditions of the merger, we still plan on retiring 95% of the outstanding public common shares post merger. This will be accomplished via a cash transaction between the company and various third party shareholders who own the majority of the outstanding shares.

The WGL Million Dollar Shootout reality television series has begun to air in eleven countries in Europe and will continue to air over the course of the next three months. We continue to work on a U.S. national airing and the production of Hard Days & Hard Night's. "We are moving in the right direction and continue to work very hard on building shareholder value and confidence. To further support that objective, we will be hiring an Investor Relations firm this month to perform several activities on behalf of the company and provide direct communication to our shareholders. This will help eliminate rumors and half truths that often surface on the various investor chat boards," said Mike Pagnano, CEO WGL Entertainment Holdings, Inc. "We certainly appreciate our shareholders patience, as we move through the next phase of our business cycle to build future value for all."

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.