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Press Release: The Bauer Partnership, Inc.
November 27, 2002
NEW YORK, NY -- The Bauer Partnership, Inc. announced yesterday that it has completed its due diligence pursuant
to the letter of intent it had signed last week to acquire the World Golf League (WGL). "Where Anyone Can
Play For Pay".
The World Golf League revenues are expected to exceed $3.5 million dollars this year, and over 30 million dollars
in 2003. Both companies expect to close on the acquisition in the next 20 days.
The World Golf League (WGL) is a three-year-old Florida Corporation based in Orlando, Florida. The WGL was founded
in 1999 to capitalize on the largest participation sport in the world, 26.5 million players in the U.S. alone and
over 60 million worldwide. The WGL attracted 7,800 members in its inaugural season of 2000 and expects to grow
to over 130,000 members in 2003. This is testimony to the tremendous popularity of the WGL concept. Participants
in WGL events have included NFL Hall of Famer Lawrence Taylor, Rickey Jackson, NHL Hall of Famer Phil Esposito
and a host of pro golfers including Fulton Allem.
The WGL Inc. has announced the signing of several new license agreements over the past 2 months. The new territories
include Arkansas, Central California, Massachusetts, Michigan, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode
Island, Virginia and Wisconsin. International venues include, Canada, India, the Philippines & the United Kingdom.
All total the WGL has established 56 U.S. marketing territories and 27 international territories.
The new license agreements represent $2.2M in one-time license fees over the next two years and $34M in royalties
over the next five years.
"The sale of marketing rights to both Canada and the United Kingdom represent tremendous revenue potential
for The WGL Inc. in two of the worlds largest golf markets" said Mike Pagnano CEO, The WGL Inc. "Additionally,
the sale of marketing rights in emerging golf markets such as India and the Philippines is testimony to the tremendous
appeal of the WGL Pay for Play concept," Mr. Pagnano went on to say.
"We are very confident with the acquisition of the WGL and are on track to close within weeks. The World Golf
League represents a strong emerging growth company with a viable business model and tremendous potential to grow
its revenue model and membership base in the coming years. It is an excellent acquisition opportunity for BAUER
and allows us to fulfill our new vision for the company," said Ronald J. Bauer, CEO & Founder of BAUER.
The Bauer Partnership Inc. recently announced that it has changed its corporate philosophy from a real estate investment
company to a diversified holding company to better maximize shareholder value, with the three main investment objectives,
Real Estate, Sports and Leisure, and Resources.
About BAUER
The Bauer Partnership, Inc. (OTC Bulletin Board: BUER) is a diversified holding company that specializes in acquiring
and developing cash-flow positive Real Estate assets, Sports and Leisure acquisition opportunities and Resource
oriented ventures. The Bauer Partnership, Inc. also focuses its efforts on developing viable projects in the Caribbean
and Latin America. Bauer has an acquisition team who operate from the company's headquarters in New York.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for historical
information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking
statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management
are not necessarily the most likely and may not materialize. In addition, other important factors that could cause
actual results to differ materially include the following: business conditions and the amount of growth in the
Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price
of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including
but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on
Form 8-K. BAUER takes no obligation to update or correct forward-looking statements.
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Contact: The Bauer Partnership, Inc., New York
Press Contact: Ronald J. Bauer, CEO, (212) 572-6276
info@bauer-partnership.com
http://www.bauer-partnership.com
Source: The Bauer Partnership, Inc.