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GT Legend Automotive Announces Strategic Partnership Between Sovereign Transfer Services and the Largest Chinese American Benevolent Association to Tap US$6.0 Billion Market
BALTIMORE, MD, Sep 21, 2009 (MARKETWIRE via COMTEX) -- GT Legend Automotive Holdings Inc. (PINKSHEETS: GTLA) announced recently that a Binding Letter of Intent had been signed to acquire Sovereign Transfer Services Corp. GT Legend now announces that Sovereign Transfer Services, t/a Sovereign Card Services, has formed a strategic marketing partnership with the Fujien American Benevolent Association in New York and San Francisco to offer its debit card programs to the Association's members.
Sir Michael Burton-Prateley, Executive Chairman of Sovereign, remarked, "We are delighted to be partnered with the Fujien American Benevolent Association, the oldest and largest Chinese Benevolent Association in the United States, representing approximately 1,000,000 Fujien Chinese Americans in greater New York and almost 350,000 in the San Francisco area; the highest concentration of Chinese Americans in the United States.
"The US outbound remittance market is approximately US$70 Billion, per annum and China is the second largest recipient of global remittance funds, approximately US$40 Billion, per annum. Estimates suggest that remittances into China from the US are approximately US$6-9 Billion, per annum, with the greatest concentration occurring one month prior to the Chinese New Year holiday. Remittance transactions to China are typically 3-5 times greater in value than those to Mexico. Fujien Province receives the largest volume and value of all remitted funds into China.
"This is an important community, which is industrious and has a proud record in philanthropy, both in the United States and in China. We look forward to working with the Association to offer our unique, low cost, 'bank in a card' products and will actively support its noble civic initiatives through the establishment of a Charitable Education Trust in memory of the former New York Association President, Mr. Sui Mui Chan.
"We are currently reviewing our options for the provision of other services, including bank to bank transfers for our clients, including into China, but will not be working with Envoy Services Ltd., in this regard."
Mr. Yee Dai Shek, on behalf of the Association, commented, "The Fujien American Benevolent Association is pleased to be working with Sovereign Card Services and to be able to offer a valuable service to its members, initially in Greater New York and San Francisco, followed by other US and international cities."
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