Best Stock Report – Penny Stock Newsletter Tracking

Issue# 1587

September 11, 2009

GTLA Announces Signing Binding Memorandum of Understanding to Acquire Sovereign Card Services

FULLERTON, CA–(Marketwire – 09/11/09) – GT Legend Automotive Holdings Inc. announces that it has signed a binding letter of intent to acquire Sovereign Transfer Services Corporation, trading as Sovereign Card Services. Sir Michael Burton-Prateley, Executive Chairman of Sovereign, will join the GTLA board with immediate effect.

A Director of GTLA said, “We are pleased to announce that we have signed a binding Memorandum of Understanding to acquire Sovereign Transfer Services Corporation. We will now work to complete the acquisition in a timely manner and look forward to building the Sovereign business worldwide.”

Sir Michael Burton-Prateley, Executive Chairman of Sovereign, said, “We are delighted to announce the signing of this Binding Memorandum of Understanding and look forward to working with the GTLA management team to roll out our business development strategy. Sovereign’s suit of products and services addresses a very substantial domestic and international market, which we intend to fully address.”

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. With a combined 40 plus years in the industry, the management of the company are forward thinkers who see the challenges within the industry and have not only kept up with the changes but are on the cutting edge of technology and innovation.

About Sovereign Card Services Inc.

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.
SOVEREIGN TRANSFER SERVICES, INC
Stock Symbol :: GTLA
E-Mail this Article to a Friend
Print this Article
SOVEREIGN TRANSFER SERVICES, INC (GTLA) Sovereign Card Service’s Mission, is to provide a simple, convenient, low cost, flexible banking/money transfer service to: the “Un-Banked”- new immigrants, foreign students, guest workers, US citizens receiving Federal and/or State benefits.
Recent Price $.0003
Market Capitalization $690K
Est Float 2.2B
Outstanding Shares 2.3 B
Exchange OTCPK

Sovereign Transfer Services Corp.

1340 Great Neck Rd
Virginia Beach Va, 23454

Phone: 443-564-5561
Fax:

http://www.sovereigncardservices.com

Company Highlights

· LML Payment Systems Inc. (LML) is a provider of electronic payment, risk management and authentication services primarily to businesses and organizations who use the Internet to receive or send payments. The Company links merchants selling products or services to customers wanting to buy them and financial institutions who allow the transfer of payments to occur. It has partnership arrangements and certified connections to financial institutions, payment processors and other payment service providers. . NYSE:LMLP Recent Price:$.67

· Euronet Worldwide, Inc. (Euronet) is an electronic payments provider. The Company offers automated teller machine (ATM), point-of-sale (POS) and card outsourcing services, integrated electronic financial transaction (EFT) software, network gateways, electronic distribution of top-up services for prepaid mobile airtime and other prepaid products, electronic consumer money transfer, and bill payment services to financial institutions, mobile operators, retailers and individual customers. NASD:EEFT Recent Price: $23

Current Projects

GT Legend Automotive Announces Pending Letter of Intent

GT Legend Automotive Holdings Inc. announces a pending letter of intent to acquire Sovereign Transfer Services Corporation, trading as Sovereign Card Services and the resignation of its officers, Joe Flores and Michael Bacon.A Director of GTLA said, “We expect to sign the Letter of Intent to acquire Sovereign Transfer Services Corporation this week. The Sovereign business will be the principal driver and future focus of GT Legend Automotive Holdings. Sovereign is a young and growing business, addressing a substantial market not only within the US, but also worldwide.” Also, Joe Flores and Michael Bacon have tendered their resignations as CEO and COO, respectively. New officers will be appointed this week.

SCS will generate revenue from a variety of sources

· Sign-up fees from currently un-banked customers

· Renewal fees for ex-pat minority community customers

· Revenue share from transaction fees charged by the card issuer

Revenue share from the cross marketing of other value added services, such as discounted shipping, life and other insurance

Company Overview

Sovereign Transfer Services, Inc. (OTC.PK: GTLA)

Sovereign Card Service’s Mission, is to provide a simple, convenient, low cost, flexible banking/money transfer service to: 1) the “Un-Banked” – new immigrants, foreign students, guest workers, US citizens receiving Federal and/or State benefits and 2) Corporate Customers seeking a simple, scalable payment system for agents and employees.

This service, as well as other value added offerings is delivered through an “instant issue” bank account, built around a low cost re-chargeable, affinity debit card, provided by a partnership between Skylight Financial (US card program) and CSC24Seven/Datacash PLC (the Global Card Program).

The Market

· The US Federal Reserve estimates that there are 40 million adult Americans who do not have a bank account.

· In New York City area alone there are approximately 800,000 individuals without bank accounts, (10% population).

· The US Department of Health and Social Services reports that over 150million benefit checks are issued by the Federal Government annually.

· The Outbound remittance market, from the US, is approximately US$70bn per annum.(Western Union)

· The Global remittance market is approximately US$300bn per annum- with the largest recipients being: India ($24.5bn), Mexico ($ 24.3bn), China ($21.1bn) and the Philippines ($14.6bn). (United Nations report)

· There are approximately 34 million foreign born individuals in the United States, approximately 70% whom send money home.

· Average remittance transaction costs today are 20%, approximately $50bn per annum in 1.5bn transactions.

· Western Union estimates that the Chinese Diaspora is 45million people.

· The UN estimates that there are 150million migrants worldwide and that 10% world’s households receive internationally remitted funds each year.

Market Strategy
THE UNBANKED MARKET;

1) New Immigrants

SCS’s focus in the new immigrant un-banked market, will be the ex-pat Chinese community. Marketing will be conducted with the endorsement of the relevant community associations, which form a key social nucleus in the lives of these new immigrants.
In addition to banking services, SCS will offer customers the use of a “companion” card- a simple, low cost, secure, money transfer system which affords the primary account holder total control over his dependents access to funds. Other useful services will be offered in due course, including low cost life insurance, concierge services, shopping discounts, amongst others.

CHINA

Individuals will be approached, through the Chinese American Benevolent Association network; the primary focus will be upon the Fukienese American Benevolent Association (Approximately 1.5 million members in the USA). This focus will be broadened in due course, to include the Benevolent Associations of other provinces in China.

OTHER MARKETS – Central & South America , Middle East, North & East Africa, South & South East Asia

Community Associations, Chambers of Commerce and other ‘aggregators’ will be sought out and approached to channel share in marketing to their members.

SCS has begun discussions with Strategic partners in Germany and Portugal, to establish local debit card issuance locations for the ex pat. Turkish and Brazilian communities respectively.

Also SCS has initiated discussions with banks in Egypt, Lebanon, Ghana and the UAE concerning strategic marketing partnerships to promote SCS’s cards to potential “companion” card holders, as a means of accessing potential primary account holders.

SCS is in advanced discussions about offering its Global card program to ex-pat. Cuban Americans, who are now able to remit money to relatives and dependents in Cuba. This will likely be launched with a local bank, by the end of the second quarter 2009.

2) US Domestic Market

Final Expense Insurance Policy- co marketing

SCS has recently secured a cross marketing partnership with an agent network in the states of: IN, OH, KY, TN, which markets ‘final expense’ insurance policies. Approximately 70% of individuals seeking such policies do not have bank accounts, but are in receipt of regular income, either as wages or Federal/State benefit. Insurance companies require a policy holder to have a bank account, to which the monthly premium can be charged- SCS will offer its instant issue bank accounts to potential policy holders wishing to purchase final expense policies. Where account holders are currently receiving benefit checks, SCS will assist in converting payment from check to direct deposit- thus providing a useful and convenient service to customers.

Payroll and Commission direct deposit
SCS has reached agreement with Guardian Vehicle Protection, a business which markets a broad range of vehicle based insurance products on a “network’ basis, to provide a payroll and commission payment system to their fast growing network of sales agents in the United States.

SCS is also in discussion with 2 large US international contractors to offer the Global Card program to their international employees and consultants.

SCS is the payment systems provider to Xsig Corp., (www.xsigroup.com ) a Maryland based personal security firm, (working with Wackenhut) and with View Systems Inc. (www.viewsystems.com ) to provide payroll services for their contractors and employees.

SCS will market its payroll services to minority owned small businesses, beginning with the Chinese ex-pat community in New York.

SCS’s platform is well suited to the domestic US market, as a basic banking facility and as a money transfer mechanism, to dependents within the US, e.g.- college students .

Bank to Bank Transfers

SCS is working with Envoy Services Ltd., a UK based provider of low cost bank to bank transfers for both individuals and corporates. SCS is assisting Envoy in establishing a presence in the Chinese and US markets and SCS has the option to market Envoy’s Services in both markets.

Business Model

SCS will generate revenue from a variety of sources-

· Sign-up fees from currently un-banked customers

· Renewal fees for ex-pat minority community customers

· Revenue share from transaction fees charged by the card issuer

· Revenue share from the cross marketing of other value added services, such as discounted shipping, life and other insurance.

A Unique Proposition

SCS’s business model includes the novel feature of offering a ‘companion’ card, (up to 5 in total) to a primary cardholder’s dependents (domestic and overseas). This enables the primary card holder to transfer funds to the companion card for use at ATMs or in stores around the world, at very low cost.

SCS tariffs will provide a very competitively priced alternative to the remittance services offered by MoneyGram and Western Union.

SCS’s 5 year objective is to achieve a US membership total of 100,000.

Strategic Partners/Platform Providers

SCS has teamed up with two card providers to deliver low cost debit card platforms. In addition, SCS has sealed a strategic partnership with Supernova Resources Inc.’s subsidiary Greenlink Interactive.

The Sovereign Branded- Skylight/SunTrust Payroll card.

SCS has reached agreement with Skylight Financial (www.skylightfinancial.net ) and SunTrust Bank, to offer a low cost, direct deposit, payroll card (with a free companion card option) to qualifying employees who enroll as SCS members. This product is targeted as employers who typically pay their employees by check and where the latter do not have bank accounts.

This card platform will also be marketed to corporate customers as a convenient and low cost system for paying ort reimbursing employees and agents both domestically in the US and internationally.

All accounts of this type are FDIC insured.

The Sovereign Branded ‘Benefit’ Card Account

Similar in operation to the Payroll card above and developed with the same provider, this program has been developed for co-marketing with the ‘Final Expense” insurance programs, with an altered fee schedule and the additional feature of switching the method of benefit payment to direct deposit rather than check payment.

All accounts of this type are FDIC insured.

The Payspark Card-

A MasterCard branded debit card- for both the primary and the secondary (‘companion’) cards, issued by a bank regulated by the European Central Bank and subject to the most rigorous compliance standards. SCS’s marketing partner is

CSC24Seven, a 50% subsidiary of Datacash PLC a UK listed company- (www.datacash.co.uk ). Datacash is a specialist debit and credit card processor.

The Greenlink Platform-

Greenlink Interactive (www.greenlinkinteractive.com ) has developed a unique Point of Decision System (PODS) fortheretail environment. Together SCS and Greenlink will offer “Do it Yourself” card loading through the network of deployed PODS, beginning with South Florida, with the benefit of live video multi-lingual customer support.

Strategic Development

SCS has an opportunity to build a substantial debit card/money transfer/banking group with international reach.

A shareholder in SCS has been invited to apply for an “E-money” license in Europe and has also negotiated the acquisition of an Foreign Exchange dealer. SCS therefore is seeking to acquire a banking license in the US (through acquisition of an existing licensed institution) and to secure the services of its shareholders’ money transfer and banking assets.

As a result of the integration of these disparate assets, SCS will be a stand-alone, international bank/money transfer organization and as such will ‘internalize’ current external costs and will be able to generate substantial income from the management of residual cash balances, as well as retain the FX ‘spread’.

Management Team

Chairman & CEO -Sir Michael Burton-Prateley

CFO – Anthony Agnelli CPA
Director-China- Yee Dai “Eddie” Shek

Director-(UK) Martin Jaskel

Director-(Security) William Fenton

Director – Robert Nolan

Director- Kathy Lubbers

Advisory Director – His Excellency Dr Saeb Jaroudi

Advisory Director (designate) -The Right Honorable Sir Jeremy Hanley KCMG
Advisory Director (China) -Vice Governor Pan Xin Chang