FULLERTON, Calif., Feb. 8, 2010 (GLOBE NEWSWIRE) -- GT Legend Automotive Holdings, Inc. (Pink Sheets:GTLA) announced today that the planned merger with Sovereign Transfer Services Corporation has been terminated.
Sovereign has considered other opportunities and is currently pursuing them.
Sir Michael Burton-Prateley, CEO and President of Sovereign, remarked, "The Directors of Sovereign Transfer Services Corporation announce the termination of the Company's merger discussions with GT Legend Automotive Holdings Inc. Sovereign's Board has considered the suitability of the proposed transaction in light of the Company's strategic focus and has deemed the proposed merger as sub-optimal."
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.
Forward-Looking Statements:
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.