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GT Legend Automotive: GT Legend Automotive Announces Pending Letter of Intent

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  Published in Business and Finance on Monday, August 24th 2009 at 5:14 GMT, Last Modified on 2009-08-24 05:14:48 by Market Wire
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FULLERTON, CA--(Marketwire - August 24, 2009) - GT Legend Automotive Holdings Inc. (PINKSHEETS: [ GTLA ]) announces a pending letter of intent to acquire Sovereign Transfer Services Corporation, trading as Sovereign Card Services and the resignation of its officers, Joe Flores and Michael Bacon.

A Director of GTLA said, "We expect to sign the Letter of Intent to acquire Sovereign Transfer Services Corporation this week. The Sovereign business will be the principal driver and future focus of GT Legend Automotive Holdings. Sovereign is a young and growing business, addressing a substantial market not only within the US, but also worldwide." Also, Joe Flores and Michael Bacon have tendered their resignations as CEO and COO, respectively. New officers will be appointed this week.

Sir Michael Burton-Prateley, Executive Chairman of Sovereign, said, "We are delighted to announce this strategic move, which we believe will provide us with an appropriate platform from which to rapidly expand our business here in the United States and around the world. We are fortunate to have a group of key strategic partners with whom we intend to expand Sovereign's business to its logical full potential."

About GT Legend Automotive Holdings Inc.

GT Legend Automotive Holdings, Inc. is a Nevada corporation developed to meet the growing needs of the ever-changing automobile after market and to introduce a patent pending "Green Energy" conversion for cars and trucks, that is expected to increase mileage while adding horsepower and reducing emissions. With a combined 40 plus years in the industry, the management of the company are forward thinkers who see the challenges within the industry and have not only kept up with the changes but are on the cutting edge of technology and innovation.

About Sovereign Card Services Inc.

Sovereign Card Services provides both VISA and MasterCard, secure, full service debit cards, providing cardholders with ready access to cash at millions of ATMs worldwide and which enable cardholders to conveniently pay for purchases at retailers everywhere. In addition Sovereign cards provide secure, low cost, convenient transfer of funds to relatives and loved ones through Sovereign's "Companion Card" program. Sovereign Debit Cards are easy to load, whether by cash, direct deposit, wire transfer or money order. For more information, visit [ www.sovereigncardservices.com ].