ORLANDO, Fla., Aug. 17, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it has completed its 2nd Quarter 2005 operating results. Assets increased 20% to $292,945 from $245,606 from December 2004. Liabilities decreased 38% to $590,717 from $950,610 from December 2004. Revenue for the six months ended June 30, 2005 was $424,752 up 880% from $48,191 from the same period in 2004. Net loss for the six months ended June 30, 2005 was $1,261,336 down 40% from $2,069,078 from the same period in 2004. General & Administrative expenses were $473,641 for the three months ended June 30, 2005 down 50% from $951,594 for the same period in 2004.
"We continue to make tremendous progress in our financial position and have realized significant improvements in all of our operating financial categories," said Mike Pagnano, CEO, The WGL, Inc. "With the revenue to be generated from the WGL Million Dollar Shootout, we expect to be debt free and operating in the black no later than first quarter 2006. Additionally, our ability to raise capital has increased substantially as a result of our improved financial position." The WGL Million Dollar Shootout is scheduled to air on the PAX Network beginning January 23, 2006 at 7 p.m. EST.
The WGL markets a professional golf concept in the USA, which allows average golfers to play for substantial prize money in local and regional tournaments culminating with a PGA-style national event and world championship. The WGL is also the producer of the Million Dollar Shootout reality television series and has awarded over $1,000,000 in prize money to date.
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.