SOURCE: World Series of Golf

World Series of Golf

September 16, 2010 09:09 ET

(WSGF) World Series of Golf, Inc. Announces Letter of Agreement to Acquire The Leiweke Holding Company

LAS VEGAS, NV--(Marketwire - September 16, 2010) - World Series of Golf, Inc. (PINKSHEETS: WSGF) (OTCQB: WSGF) today announced that the Company has executed a Letter of Agreement (LOA) for a strategic acquisition of The Leiweke Holding Company. This contemplated acquisition is part of World Series of Golf's expansion plans and updated business plan. This contemplated acquisition includes both gaming and entertainment projects which have previously been identified by World Series of Golf as targeted areas for expansion. This acquisition is expected to close by year-end upon successful completion of terms outlined in the LOA.

The acquisition would add several projects which are in various stages of development to the product offerings of World Series of Golf. These projects include, but are not limited to the following:

  • Absolute Sports Info ("ASI") -- A sports information site which would provide customers with handicapping data from top professionals. This project would generate revenue from the sale of such data to a current customer list which numbers in the millions.

  • Television Project -- A related television show that would feature the workings and strategy of how handicappers develop their information and how lines and selections are made. This project would go into production and air in 2011. Future and additional projects or programming may be included. 

  • Emerging Artists ("EA") -- A joint development project in association with a major radio operator that would work to identify emerging artists who are encouraged to submit recordings of original music. Those recordings would be available to the listening public who would identify their top choices, with the top artists performing in live concerts which would be aired on television.

Patrick Brown, CEO of The World Series of Golf, stated: "We are excited about the opportunity to incorporate the operations of The Leiweke Holding Company into the World Series of Golf family. They bring exciting projects and opportunities under development. Beyond that, the background, talent and knowledge of Terry Leiweke is a great addition to our Company." 

Mr. Terry Leiweke, CEO of The Leiweke Holding Company, added: "With this combination of efforts, we would be able to bring our development projects to market and I look forward to working with the new team at World Series of Golf." 

About The Leiweke Holding Company:

The Leiweke Holding Company is a Delaware corporation with operations in Las Vegas, Nevada. Formed in 2002, the company is engaged in the development and presentation of sports and entertainment properties, and owns certain intellectual property, trade secrets, confidential information, customer lists and other proprietary information, as well as current projects, assets and properties in various stages of development.

About World Series of Golf, Inc.

Based in Las Vegas, World Series of Golf (www.worldseriesofgolf.com) is a global sports and entertainment company whose activities include land-based and online, skill-based golf events featuring a patent-protected method of play. World Series of Golf, combining the skill of golf and wagering format of No-Limit Texas Hold'em poker, was played at exclusive Las Vegas-area golf resorts in 2007 and 2008. The third annual World Series of Golf was played May 11-14, 2009, at the Las Vegas Paiute Golf Resort. The company plans to achieve its international expansion goals through strategic partnerships, sponsorships, and the founders' extensive experience and contacts in the field of sports marketing. For additional information, or to register for an event, visit the company's website at www.worldseriesofgolf.com.

FORWARD-LOOKING STATEMENTS

Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (1) the availability of additional funds to enable us to successfully pursue our business plan; (2) the uncertainties related to the appeal and acceptance of our proprietary method of play and our planned on-line products; (3) the success or failure of our development of additional products and services; (4) our ability to maintain, attract and integrate management personnel; (5) our ability to secure suitable broadcast and sponsorship agreements; (6) our ability to effectively market and sell our services to current and new customers; (7) changes in the rules and regulations governing our business; (8) the intensity of competition; and (9) general economic conditions. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in World Series of Golf(r)'s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. World Series of Golf(r) assumes no obligation to update and supplement forward-looking statements because of subsequent events.

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