SOURCE: WGL Entertainment Holdings, Inc.

 

LAKE MARY, FL--(Marketwire - August 28, 2008) - WGL Entertainment Holdings, Inc. (PINKSHEETS: WEHI) announced today that it has agreed in principal to distribute 15,000,000 shares of a publicly traded media company to its shareholders. The shares represent approximately $100,000 at its current value. The media company whom we will identify upon closing will air the WGL Million Dollar Shootout (MDSO) reality television series through its International outlets and represent the MDSO in the U.S. market for a national network airing. At closing, which is expected by the end of next week, a record date will be set for the distribution of the shares.

"This new partnership will bring many synergies to both companies not only in the media environment, but in the pursuit of further mergers and acquisitions. The dividend being paid represents 13.3% of WGL Entertainment Holdings, Inc.'s current market capitalization," said Mike Pagnano, CEO, WGL Entertainment Holdings, Inc. "We continue to work very hard to bring value to our shareholders and appreciation of our PPS. This significant agreement is a Win-Win for all involved."

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.