GT Legend Automotive Announces Strategic Partnership Between Sovereign Transfer Services and the Largest Chinese American Benevo
21 Settembre 2009 - 10:15PM
Marketwired
GT Legend Automotive Holdings Inc. (PINKSHEETS: GTLA) announced
recently that a Binding Letter of Intent had been signed to acquire
Sovereign Transfer Services Corp. GT Legend now announces that
Sovereign Transfer Services, t/a Sovereign Card Services, has
formed a strategic marketing partnership with the Fujien American
Benevolent Association in New York and San Francisco to offer its
debit card programs to the Association's members.
Sir Michael Burton-Prateley, Executive Chairman of Sovereign,
remarked, "We are delighted to be partnered with the Fujien
American Benevolent Association, the oldest and largest Chinese
Benevolent Association in the United States, representing
approximately 1,000,000 Fujien Chinese Americans in greater New
York and almost 350,000 in the San Francisco area; the highest
concentration of Chinese Americans in the United States.
"The US outbound remittance market is approximately US$70
Billion, per annum and China is the second largest recipient of
global remittance funds, approximately US$40 Billion, per annum.
Estimates suggest that remittances into China from the US are
approximately US$6-9 Billion, per annum, with the greatest
concentration occurring one month prior to the Chinese New Year
holiday. Remittance transactions to China are typically 3-5 times
greater in value than those to Mexico. Fujien Province receives the
largest volume and value of all remitted funds into China.
"This is an important community, which is industrious and has a
proud record in philanthropy, both in the United States and in
China. We look forward to working with the Association to offer our
unique, low cost, 'bank in a card' products and will actively
support its noble civic initiatives through the establishment of a
Charitable Education Trust in memory of the former New York
Association President, Mr. Sui Mui Chan.
"We are currently reviewing our options for the provision of
other services, including bank to bank transfers for our clients,
including into China, but will not be working with Envoy Services
Ltd., in this regard."
Mr. Yee Dai Shek, on behalf of the Association, commented, "The
Fujien American Benevolent Association is pleased to be working
with Sovereign Card Services and to be able to offer a valuable
service to its members, initially in Greater New York and San
Francisco, followed by other US and international cities."
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. GTLA is in
the process of acquiring Sovereign Transfer Services Corp. trading
as Sovereign Card Services. 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.
Investor Contact: Tom Parilla Parilla Investment Group
814.824.4326
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