SOURCE: WGL Entertainment Holdings, Inc.

November 17, 2008 08:31 ET

WGL Entertainment Holdings, Inc.'s Board of Directors Authorizes Preferred Stock Exchange

LAKE MARY, FL--(Marketwire - November 17, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) is pleased to announce that the Company's Board of Directors has approved an offer for Shareholders to exchange their common stock for shares of the new Series B Convertible Preferred stock. For each 1,000 shares of the Company's common stock tendered during the exchange, shareholders will receive one share of the Company's preferred stock, valued at $1.00 per share. Additionally, shareholders will have the right to convert the preferred stock back to common after a holding period of six months with a twenty percent discount to market.

A Shareholder must tender at least 1,000,000 shares of Common Stock to qualify to take part in this exchange offer. In addition, the deadline for accepting the exchange offer and delivery of physical certificates to the Company will be by the close of business on January 15, 2009. The corporate address is 7025 CR 46A Suite 1071 #512 Lake Mary, FL 32746.

"It is in our Board's opinion that the Company's current share price is not representative of the true value of the Company. This exchange will help reduce our float and put WGL Entertainment on the path of significant growth in the future. We feel that this exchange is in the best interests of the Company and its shareholders," stated Mike Pagnano, CEO of WGL Entertainment Holdings, Inc.

For further details on this exchange offer, visit the Company's Web site: www.wglentertainment.com

About 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 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.

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