ORLANDO, Fla., Aug. 20, 2004 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it has closed its first round of financing with Golden Gate Investors and has received $500,000 per its agreement with Golden Gate Investors. The WGL Inc. has access to $2.25 million in additional capital per the agreement over the next 12 months.
"With the acceptance of our SB2 registration by the SEC, we are now in a position to finance our business model objectives as well as our planned reality television series," said Mike Pagnano, CEO The WGL, Inc. "Access to this level of capital will allow The WGL Inc. to accelerate its sales efforts, especially in the highly lucrative wholesale arena and realize the full potential of the Play for Pay concept."
The WGL markets a professional golf concept in the USA and 27 international venues, which allow average golfers to play for substantial prize money in local and regional tournaments culminating with a PGA-style national event and world championship.
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.