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The WGL Closes $3.2 Million Financing Package

By Market Wire
Last Update: 6/7/2006 5:23:03 PM Data provided by

ORLANDO, FL, Jun 07, 2006 (MARKET WIRE via COMTEX) -- The World Golf League, Inc. (WGFL) announced today that it has closed a $3.2 Million financing package with DLC Capital of Freehold, New Jersey. The deal calls for DLC Capital to issue The WGL a four hundred thousand dollar note at 10% interest per annum and purchase seven hundred million warrants at .004 or $2,800,000. The warrants are convertible into WGL common shares over a three year period. The WGL also announced that it will retire the Golden Gate Investors Convertible Debenture which came due June 4, 2006.

"Our new financing package provides us with funding options which are far superior then those we had in the past," said Mike Pagnano, CEO The World Golf League, Inc. "The sale of warrants will be at our sole discretion and at a price which is significantly better than the current market value of our common shares. It is a testament to our new business model and the potential revenue to be generated from the WGL Million Dollar Shootout, as well as future WGL Entertainment productions, which allow DLC Capital to be so optimistic about the future of The WGL, Inc. The WGL Million Dollar Shootout Reality Series is close to finalizing several distribution deals in the United States, Canada, Europe and Asia. Also, WGL Entertainment has committed to produce it's new Reality Series, 'Hot Day's & Hot Night's' which will go into production in the fall of 2006."

The World Golf League, 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 2006 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.

SOURCE: The World Golf League, Inc.

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