Legends Business Group, Inc. (OTCBB: LGBS) announced today that
third quarter 2008 gross revenues were just under $1.7 million
versus $6,000 in the third quarter of 2007. Gross revenues for the
first nine months of fiscal 2008 rose approximately 10,000% to just
under $2 million as compared to $18,000 for the first nine months
of fiscal 2007. The Company announced $642,586 in net income for
the nine months ended September 30, 2008, compared to a net loss of
$2,819 for the first nine months ended September 30, 2007. The
strong increases are in addition to the company's efforts to
eliminate accrued long-term debts and are attributed to the
astonishing success of its client companies. The Corporation, which
became a publicly held company little more than 10 months ago,
provides consultative alternative billing and marketing services to
its client companies.
Third Quarter Highlights:
-- Entered into a consulting agreement with custom communications
provider, Travel Pal Assistants, Inc., a Texas Corporation.
-- Satisfied repayment of long-term debt obligations.
-- Completion of fully integrated custom marketing services platform.
"We are maturing through the transitional development stages of
our business and are now realizing accrued revenues from our
earlier marketing campaigns. Revenues will continue to accrue
monthly and grow as new and existing client companies and campaigns
are developed," said Larry Powalisz, President and CEO of Legends
Business Group, Inc.
Net income increased approximately $521,784 for the three months
ended September 30, 2008 or $0.02 per share with 32% profit margins
on approximately $1.7 million in revenues for the same time period.
See the September 2008 Balance Sheet and Statement of Operations
for further explanation below.
"We project continued growth and revenues to increase throughout
the remainder of 2008 and 2009. The anticipated launch of several
new campaigns under development and the projected growth of our new
and existing client companies significantly increases our
expectations for 2009 and 2010," 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.
LEGENDS BUSINESS GROUP, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Period
2-Mar-06
Three Months Ended Nine Months Ended (Inception) to
September 30, September 30, September 30,
----------------------- ----------------------- -----------
2008 2007 2008 2007 2008
----------- ----------- ----------- ----------- -----------
Revenues:
Consulting
and
brokerage
fees $ 1,670,568 $ - $ 1,945,968 $ - $1 ,945,968
Agent
agreement
fees 26,414 - 33,949 - 33,949
Revenue from
related party - 6,000 8,000 18,000 48,000
----------- ----------- ----------- ----------- -----------
1,696,982 6,000 1,987,917 18,000 2,027,917
----------- ----------- ----------- ----------- -----------
Cost of
services:
Client
marketing 945,464 - 1,095,878 - 1,095,878
Leased
employees 89,058 - 89,058 - 89,058
----------- ----------- ----------- ----------- -----------
1,034,522 - 1,184,936 - 1,184,936
----------- ----------- ----------- ----------- -----------
Gross Profit 662,460 6,000 802,981 18,000 842,981
Expenses:
General and
administrative 117,789 4,239 158,334 18,758 7,937,380
Subcontractor - - - - 3,000
Depreciation 687 687 2,061 2,061 6,870
Consulting fee
- officer - - - - 7,000
----------- ----------- ----------- ----------- -----------
Total expenses 118,476 4,926 160,395 20,819 7,954,250
----------- ----------- ----------- ----------- -----------
Net income
(loss) $ 543,984 $ 1,074 $ 642,586 $ (2,819) $(7,111,269)
=========== =========== =========== =========== ===========
Weighted
average
number of
common shares
outstanding,
basic and
fully diluted 32,615,000 77,615,000 32,615,000 77,615,000 30,506,374
=========== =========== =========== =========== ===========
Net income
(loss)
per
weighted
share basic
and fully
diluted $ 0.02 $ 0.00 $ 0.02 $ 0.00 $ (0.23)
=========== =========== =========== =========== ===========
LEGENDS BUSINESS GROUP, INC.
(A Development Stage Company)
BALANCE SHEET
September 30, December 31,
2008 2007
(Unaudited) (Audited)
------------- ------------
ASSETS
Current assets:
Cash $ 137,111 $ 4,651
Accounts receivable 747,662 -
------------- ------------
Total current assets 884,773 4,651
Equipment, net of accumulated depreciation 3,604 5,665
------------- ------------
Total assets $ 888,377 $ 10,316
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts Payable $ 51,196 $ -
Loan from shareholder 2,671 2,671
Customer deposit 25,000 -
------------- ------------
Total current liabilities 78,867 2,671
------------- ------------
Long term liabilities:
Line of credit shareholder 158,654 -
Accrued interest 625 -
------------- ------------
Total long term liabilities 159,279 -
------------- ------------
Stockholders' equity:
Preferred stock, $.0001 par value, authorized
100,000 shares; 45,000 issued and
outstanding as of September, 2008 5 -
Common stock, $.001 par value, authorized
500,000,000 shares; 32,615,000 issued and
outstanding as of September, 2008 32,615 77,615
Additional paid-in capital 7,728,880 7,683,885
Accumulated deficit during development stage (7,111,269) (7,753,855)
------------- ------------
Total stockholders' equity 650,231 7,645
------------- ------------
Total liabilities and stockholders'
equity $ 888,377 $ 10,316
============= ============
Contact: Legends Business Group, Inc. Larry Powalisz
407-263-4029 inquiries@lbgi.net
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