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By: jcline
19 Apr 2007, 08:01 PM EDT
Msg. 339638 of 339639
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Signature Files to Withdraw Registration of 50,000,000 Shares
http://www.marketwire.com:80/mw/release_html_b1?release_id=241428

CASSELBERRY, FL and CHAMPLIN, MN -- (MARKET WIRE) -- April 19, 2007 -- Signature Leisure, Inc. (OTCBB: SGLS) announced today that the company has filed a request with the Securities and Exchange Commission for an order granting the immediate withdrawal of its Registration Statement on Form SB-2, File No. 333-137736, of 50,000,000 shares. The Registration Statement was originally filed with the Securities and Exchange Commission on October 2, 2006.

Signature's management no longer desired to conduct the offering of securities as contemplated in the Registration Statement. No securities have been sold pursuant to the Registration Statement and all activities in respect of the offering have been discontinued.

Stephen W. Carnes, President of Signature Leisure, Inc., stated, "I believe that it was in the best interest of the Company and shareholders to cancel the Registration Statement. When we originally filed the registration statement, I believed that the company potentially would need to issue those shares to have the necessary capital to operate the business. Due to cash flows within Signature's new Investor Relations Division, I felt that we could now cancel the Registration Statement."

Carnes further stated, "What this means to shareholders is that the 50,000,000 shares which were registered on October 2, 2006, were never issued and the Registration Statement is being canceled. I believe that the registration of the shares had a negative impact on the Company due to the perception of the potential dilution. It is my hope that shareholders and the market will view today's announcement favorably."

"While there is no way to prove the total number of shares that are shorted in any company, it is my firm belief that short sellers targeted Signature's stock right after the registration of those 50,000,000 shares. By withdrawing this registration statement, I hope to send a very firm message that those shares will NOT be issued, thus those shares will NOT be coming into the market. Any parties that may have shorted Signature's stock in anticipation of those shares being issued have made a miscalculated bet. Any party that wishes to cover their short position should now understand that they won't be able to cover from the 50,000,000 shares which are now being canceled," Carnes stated.

About Signature Leisure, Inc. (OTCBB: SGLS) -- Signature Leisure, Inc. is a publicly traded company trading on the OTC Bulletin Board under the symbol SGLS. For more information about Signature Leisure, Inc., please visit the Company's website at http://www.signatureleisure.com

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the company. Additionally, other risks include, but are not limited to, the company's ability to continue to develop operations, the company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the company's public announcements.

This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.