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WEHI - WGL Entertainment Holdings, Inc. Continued Update
Wednesday 07/23/2008 11:20 AM ET - Market Wire


As of 3:55 PM ET 7/28/08

WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it has continued with its common stock repurchase program. As of today, over 600 million shares have been repurchased. We plan on buying back up to 1.5 billion shares of the 2 billion shares outstanding. In addition, the acquisition of Stemtronics, a stem cell research company who owns several major patents in the stem cell treatment market, is on track to close within the next 20 days. The "WGL Million Dollar Shootout" (MDSO) continues to air on the CSS network and plans for a national airing are still on course. The MDSO will also begin airing in September in five European countries including the United Kingdom, Germany, France, Italy and Spain.

"We continue to make progress on several fronts, along with the Stemtronics acquisition, we are looking at two additional acquisitions to broaden our portfolio and diversification of WGL Entertainment Holdings, Inc. We continue to move forward on the retirement of our two convertible debentures and to become fully reporting and up to date on all required SEC filings within the next 75 days. The second half of 2008 will be an exciting period for WGL Entertainment Holdings, Inc. and its shareholders," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc. "Thanks to all of our shareholders for their patience and continued support."

WGL Entertainment Holdings, Inc., through its subsidiary WGL Entertainment, is the producer of the "WGL Million Dollar Shootout" Reality Television Series and several other made for T.V. sports entertainment events scheduled to be produced in 2008 and beyond.

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.

For more information contact:

Michael Pagnano
WGL Entertainment Holdings, Inc.
1-407-833-7931


SOURCE: WGL Entertainment Holdings, Inc.