BALTIMORE, MD--(Marketwire - 09/23/09) - 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 the appointment of David Rayburn as Executive Vice President - MLM Payment Systems to drive the Company's expansion in the MLM market worldwide.
Sir Michael Burton-Prateley, Executive Chairman of Sovereign, remarked, "After an extended evaluation of this huge global market and preliminary market testing, we are delighted to announce David Rayburn's appointment as Executive Vice President - MLM Payment Systems. He joins our team with substantial experience in the MLM market, having been involved with a number of very substantial MLM businesses from their inception. He has built substantial personal 'down-lines,' yielding significant financial rewards.
The Direct Selling Association reported that in 2007, US direct sales were $30.8 Billion and the US direct sales force numbered 15 Million people. Similarly the Association reported 2007 Global direct sales of US$114 Billion, by 62.7 Million sales staff. We believe that in times of economic hardship and adversity, the growth of direct, relationship-based selling will be greater than any other, as consumers make purchasing decisions based upon personal recommendations of trusted friends and contacts. Since this market is poorly served by Payment Systems providers, we anticipate major potential for our growth and through David's relationships and experience, we will realize considerable benefit."
Mr. Rayburn commented, "I am delighted to be working with the Sovereign Card Services team. Low-cost, reliable, multinational payment systems are a relatively new phenomenon in the MLM market and have a substantial role to play in the recruitment and management of high yielding 'down-lines' which are the life-blood of MLM businesses the world over. We have a lot to achieve."
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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