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WGL Entertainment Holdings, Inc. Update
7:00a ET August 21, 2008 (Market Wire)
WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it is reviewing the merger agreement with Stemtronics and plans to close the deal no later than 9/5/08. Upon closing of the merger, the rule (3a10) $6 million raise will commence along with the retiring of 4.9 billion WEHI shares, leaving the reorganized company with approximately 100 million shares outstanding. In addition, WGL Entertainment Holdings, Inc. is planning to pay its shareholders a dividend, which will be announced in a separate press release very shortly. Also, we have finalized our contract with Media International of Los Angeles, California to air the MDSO in eleven European countries on the America Unleashed network beginning in September.
"We are gaining very positive momentum and expect to realize substantial revenue gains over the next 12 months. Stemtronics incorporates a very exciting business model with significant revenue potential, while the MDSO brand continues to gain exposure worldwide and moves closer to a national network airing," said Mike Pagnano, CEO WGL Entertainment Holdings, Inc.
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.
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