FULLERTON, Calif., Jan. 27, 2010 (GLOBE NEWSWIRE) -- GT Legend Automotive Holdings, Inc. (Pink Sheets:GTLA) announced today that the company is in the process of preparing updated financial statements and disclosures which will be posted to Pinksheets.com. The company expects the status to be upgraded in short order.
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In addition, GTLA is in the process of finalizing the memorandum of understanding with Sovereign Transfer Services Corporation involving a share exchange. Legal agreements are expected to be finalized within the next several weeks.
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/">www.sovereigncardservices.com.