ORLANDO, Fla., May 31, 2005 (PRIMEZONE) -- The World Golf League, Inc. (OTCBB:WGFLE) announced today that it has filed its 1st quarter 10Q on May 27, 2005. Revenues for the quarter ending March 31, 2005 were $307,714 from a small test market of its wholesale membership program. Assets increased 23% to $300,560 and liabilities decreased 21% to $754,115 from the previous quarter ending 12/31/04. General and administrative expense is largely overstated for the quarter at $1,238,634. Actual operating expense was $240,000 with the balance being the underlying value of stock pledged to finance the production of the Million Dollar Shootout Reality Series.
"We continue to improve the financial health of The WGL, Inc. and expect revenues to continue to grow throughout the remainder of 2005," said Mike Pagnano, CEO, The WGL, Inc. "With wholesale memberships in full swing and the potential of the Million Dollar Shootout as a revenue generator, The WGL, Inc. is poised to have its best year ever. "Additionally, as revenues grow and cash flows permit, The WGL, Inc. will consider a stock repurchase plan to reorganize the current public float. This will substantially increase shareholder value and significantly decrease the number of shares outstanding," Mr. Pagnano went on to say.
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. 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.