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WGL Books $298,019 in Wholesale Member Revenue in First Quarter 2005
May 04, 2005 16:00:29 (ET)
ORLANDO, Fla., May 4, 2005 (PRIMEZONE via COMTEX) -- The World Golf League, Inc. (WGFL, Trade) announced today that it has generated $298,019 in revenue for the 1st quarter of 2005. The revenue was a result of 5,960 wholesale membership redemptions. This represents a redemption rate of 39.7% based on the 15,000 memberships distributed via various consumer channels during the first quarter of 2005. Upwon LLC, who distributes wholesale memberships for the WGL, expects to distribute up to 100,000 during the 2nd quarter of 2005.
"We are thrilled with the results of our early tests of the wholesale membership channel and the revenue it has generated," said Mike Pagnano, CEO, The WGL, Inc. "We expect 2nd & 3rd quarter results to be exceptional, as well as generating additional clients and sponsors for this exciting concept." The WGL plans to hold multiple national events for its corporate clients, with substantial prize money at stake, during the winter of 2005 & 2006.
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 and world championship. The WGL Inc. is also the producer of the Million Dollar Shootout reality television concept.
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.
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