BALTIMORE, MD--(Marketwire - 09/24/09) - GT Legend Automotive Holdings, Inc. (Pinksheets:GTLA - News) announced recently that a Binding Letter of Intent had been signed to acquire Sovereign Transfer Services Corp. GTLA now announces that Sovereign Transfer Services has appointed an advisor for entry to its first international remittance market.
Sir Michael Burton-Prateley, Executive Chairman of Sovereign, remarked, "While the US market will remain a dominant domain for our activities, we have been researching and planning our first move into the international remittance market, targeting attractive 'niche' opportunities.
"We have determined that the German-Turkish corridor merits our serious attention and to this end have selected our advisers and partners for this significant step. We will be advised by Herax Partners, a boutique Investment Bank, based in Frankfurt, which has extensive knowledge of both the Turkish and German markets.
"There are over 4 Million people in Germany, of Turkish origin, with the highest concentration in the cities of Baden Wurttemberg and Nord-Rhine Westfallen. 60% of Turkish immigrants live in the major cities of the former West Germany -- Berlin, Koln, Dusseldorf and Frankfurt as well as Munich, Mainz and Stuttgart.
"Remittances from Germany to Turkey, which comprise in excess of 50% all German outbound remittances, make a substantial contribution to the Turkish economy. We would like to play a role in making the remittance process less onerous on those supporting their dependents at home."
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.
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