Legends Business Group, Inc. Announces Repayment of All Long-Term Debt
October 09 2008 - 8:45AM
Marketwired
Legends Business Group (OTCBB: LGBS) announced today the complete
repayment of all long-term debts in association with dramatic
increases in working capital due to its exceptionally strong third
quarter. While third quarter results will not be released until mid
November, Legends has projected its third quarter of 2008 to
reflect its third consecutive quarter with gross revenue increases
triple of the previous quarter.
"In spite of the existing global financial environment, we are
very pleased with the strategic success of our business model. It
demonstrates our commitment to growth and shareholder value. We now
have sufficient cash flow to sustain our plan of operation. While
our credit line will remain open and available, the company does
not anticipate a need to utilize this credit line in the
foreseeable future," said Larry Powalisz CEO and President of
Legends Business Group.
"Our continuing focus on improving operating efficiency and
aligning our infrastructure to take us into the future has helped
us consistently deliver meaningful gains since entering the public
arena. We are continually adapting our lines of business to meet
and exceed the challenges that may lie ahead. Our strategic
successes are an extremely positive indicator that we have been
able to meet the challenges we face as we continue to expand our
market presence. Our repayment of all long-term debt including:
notes payable; accrued salary expenses and shareholder advances
including all start up costs, serves to dramatically enhance our
balance sheet as well as strengthen our ability to deliver on our
promise to drive shareholder value," continued Powalisz.
About Legends Business Group, Inc.:
Legends Business Group, Inc. is an Over the Counter Bulletin
Board stock which trades under the symbol LGBS. To obtain
additional information about Legends Business Group, Inc., please
visit the Company's website, which may be found at:
www.lbgi.net.
This press release contains statements that are
"forward-looking," and involve a number of risks and uncertainties.
Statements that are not historical facts are considered
forward-looking statements, and are subject to Safe Harbor
provisions as defined in the United States Private Securities
Litigation Reform Act of 1995. Company results and performance may
be materially different from future results, strategies, plans or
goals expressed or implied by any forward looking statements made
herein. The Company disclaims any obligation to update or revise
any forward-looking statements.
Contact: Legends Business Group, Inc. Larry Powalisz
407-263-4029 inquiries@lbgi.net
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