ALTAMONTE SPRINGS, Fla., Sept. 25, 2003 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFL) announced today that it has repurchased several licenses including New York, Pennsylvania, Arkansas, Virginia, Michigan, Wisconsin and Canada for a total of $362,000. In addition the WGL plans to buy back licenses in New England, Northern California, Indiana, and Kentucky by October 15, 2003 for an additional $125,000.
According to Michael Pagnano, CEO of the World Golf League, "Our new business model is to outsource all local and regional golf events to golf event management companies rather than rely on our current licensee holders and/or internal golf operations. In making this shift it makes perfect sense for the WGL to own the majority of the licensing territory in the United States and Canada markets. The repurchase of these licenses will increase revenue by 60% per member. The WGL will only have licensees operating in Ohio, Rhode Island, North Carolina, Southern New Jersey, Georgia and Chicago. Also, the WGL does not anticipate selling any additional licenses in the United States market."
The World Golf League markets a professional golf concept, directly and through licensees 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.
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