quote: 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."
I've heard claims about a previous MDSO that the winner was not paid the full amount owed. On the one that took place last year and is what they are trying to sell to a network. It was supposedly written that the winner would be paid once it was sold.
Posts: 81 | From: TX | Registered: May 2006
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Changes in Control or Registrant, Amendments to Articles of Inc. or Bylaws;
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT. On July 5, 2006, The World Golf League, Inc.'s (the "Company," "we," "us") Board of Directors unimously approved via consent to action without a meeting, the issuance to our Chief Executive Officer and Director, Michael S. Pagnano, of five million (5,000,000) shares of our Series A Preferred Stock. Mr. Pagnano previously held five million (5,000,000) shares of our Series A Preferred Stock, and as a result of the additional issuance, he now holds ten million (10,000,000) shares of Series A Preferred Stock, which entitles him to vote three billion (3,000,000,000) shares of our common stock (with each share of Series A Preferred Stock having the right to vote three hundred (300) shares of our common stock). As a result, Mr. Pagnano has the right to vote 3,040,662,518 shares of our common stock (3,000,000,000 shares in connection with his ownership of 10,000,000 shares of our Series A Preferred Stock, which shares of Series A Preferred Stock are each above to vote 300 shares of our common stock; 37,219,368 shares of common stock which he holds individually, and 3,443,150 shares of common stock held by Mr. Pagnano's wife), representing approximately 55.3% of our common stock as of the filing of this report, based on 5,499,994,293 voting shares (which number includes the 3,000,000,000 shares Mr. Pagnano can vote due to his ownership of our Series A Preferred Stock and 2,499,994,293 shares of our common stock issued and outstanding as of July 5, 2006).
The Series A Preferred Stock is explained in greater detail below under "Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year."
ITEM 5.03 AMENDMENTS TO ARTICLES OF INCROPROATION OR BYLAWS; CHANGE IN FISCAL YEAR On June 30, 2006, we filed an Amended Certificate of Designations of our Series A Preferred Stock ("Amendment") with the Secretary of State of Delaware to increase the number of authorized shares of Series A Preferred Stock from five million (5,000,000) shares as was provided under the amended designation filed on April 28, 2006 to ten million (10,000,000) shares of Series A Preferred Stock, which Amendment was approved by the unanimous consent of our Board of Directors on June 29, 2006. The original Certificate of Designation establishing the designations, preferences, limitations and relative rights of our Series A Preferred Stock was filed with the Secretary of State of Delaware on September 30, 2003. Subsequent to September 2003, the Board of Directors approved the issuance of 1,000,000 shares of Series A Preferred Stock to Michael Pagnano in consideration for services rendered to the Company as its Chief Executive Officer. On May 1, 2006, our Board of Directors unanimously approved the issuance to our Chief Executive Officer and Director, Michael S. Pagnano, of four million (4,000,000) shares of our Series A Preferred Stock.
The Series A Preferred Stock ranks senior to any shares of common stock with respect to distributions upon liquidation, dissolution or winding up, except as limited below. The holders of the Series A Preferred Stock are:
o not entitled to receive any dividends paid on common stock;
o not entitled to receive out of our assets available for distribution any distribution of assets in the event of a voluntary and/or involuntary liquidation,
o entitled to elect one director, voting separately as a class, as provided in the Certificate of Designations;
o able to redeem any or all of the outstanding shares of Series A Preferred Stock at a per share redemption price of $0.05 per share (or $500,000 in aggregate); and
o not able convert the preferred stock into shares of common stock.
Additionally, while the Series A Preferred Stock is outstanding, we may not, without the affirmative vote of 66 and 2/3% of all the outstanding shares of Series A Preferred Stock, voting separately as a class, amend, alter or repeal any provision of our certificate of incorporation or bylaws, if such change would adversely affect the rights of the Series A Preferred Stock or any reclassification of the Series A Preferred Stock; or amend, alter or repeal any provision of the Statement of Designations of the Series A Preferred Stock.
Each share of Series A Preferred Stock is able to vote three hundred (300) shares of our common stock.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
3.1(1) Certificate of Designations of Series A Preferred Stock
3.2(2) Certificate of Amendment to the Certificate of Designations of Series A Preferred Stock
3.3(*) Certificate of Amendment to the Certificate of Designations of Series A Preferred Stock
(1) Filed as Exhibit 3.1 to our report on Form 8-K filed with the Commission on October 10, 2003, and incorporated herein by reference.
(2) Filed as Exhibit 3.2 to our report on Form 10QSB filed with the Commission on May 22, 2006
*********.com: ********* Price and Volume Alerts for Wednesday July 5, 2006 - One Company Closes $3.2 Million FinancingWhile Another Expands From Paris to Los Angeles
By M2 Last Update: 7/5/2006 8:20:03 AM Data provided by
Dallas, Texas, Jul 05, 2006 (M2 PRESSWIRE via COMTEX) -- ********* Price and Volume Alerts for Wednesday include The World Golf League, Inc. (WGFL), Warning Management Services Inc. (WNMI), WisdomTree Investments (WSDT), Worldwide Manufacturing USA, Inc. (WWMU), XsunX, Inc. (XSNX) and Xynergy Corp. (XYNY) . ********* Price and Volume Alerts feature companies with significant moves in either volume or price in the past two trading sessions. In our update we analyze recent news about the companies featured and detail the movement in the stock. If you would like to feature your publicly traded company in our alerts or on *********.com, email feature**********.com or call (469)252-3031.
The World Golf League, Inc. (WGFL) - Monday's shares stayed even at $0.00060. The volume was at 23,398,551. The World Golf League, Inc. announced 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.
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.
I hear ya, that's what usually happens with these. They bounce around for a while, then will have a small run, then back down to bouncing...volume is too low to really do the flip I guess...ah well, wishful thinking I guess.
Posts: 2741 | From: Seattle | Registered: Feb 2005
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The World Golf League to Change Name Monday July 17, 4:12 pm ET
ORLANDO, FL--(MARKET WIRE)--Jul 17, 2006 -- The World Golf League, Inc. (OTC BB:WGFL.OB - News) announced today that it will change its name to WGL Holdings, Inc. in order to better reflect its new business model. WGL Holdings will be the parent for WGL Entertainment, the producer of the WGL Million Dollar Shootout Reality Television Series (MDSO) and will also seek to acquire entertainment and production properties that complement its business model. The WGL also announced that it does not expect to effect a reverse merger as previously stated in its 14A filing and has amended such in a new 14C filing. ADVERTISEMENT
"We are moving forward with our new vision of becoming the premier producer of sports entertainment projects," said Mike Pagnano, CEO of The WGL, Inc. "Also, we expect to close several markets for the MDSO very shortly for late summer and early fall airings. Additionally, Hot Days & Hot Nights is still slated for a fall production shoot."
Posts: 81 | From: TX | Registered: May 2006
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