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Legends Business Group, Inc. Announces Two Hundred Thousand Dollar ($200,000) Debt Reduction
CASSELBERRY, FL -- (Marketwire) -- 09/24/08 -- Legends Business Group, Inc. (OTCBB: LGBS)announced today it will begin repaying loans made through its privaterevolving line of credit.
In April of this year Larry Powalisz, President and CEO of Legends BusinessGroup, Inc., took the unusual step of personally providing LGBS with arevolving line of credit in the amount of five hundred thousand dollars($500,000.00) (of which only three hundred and fifty thousand dollars($350,000) were borrowed). The monies were made available to enhanceinfrastructure and transition the company through an expected period ofexplosive growth.
With terms more favorable than what any lenders offered at that time, thefunds to be disbursed were repayable twelve (12) months from the date ofissuance at the accrued interest rate of twelve percent (12%) annually.
"A total of three loans were granted for one hundred thousand dollars($100,000), fifty thousand dollars ($50,000) and two hundred thousanddollars ($200,000) respectively. The ability to repay two hundred thousanddollars ($200,000) of these loans back in such a short time is attributedto the strong performance across our entire business model, driving recordclient sales throughout the first three quarters of the year. Despite thecurrent uncertain national economic environment, our business remains verysolid and our position continues to grow," said Larry Powalisz, Presidentand CEO of Legends Business Group, Inc.
About Legends Business Group, Inc.:
Legends Business Group, Inc. is an Over the Counter Bulletin Board stockwhich trades under the symbol LGBS. To obtain additional information aboutLegends Business Group, Inc., please visit the Company's website, which maybe found at: www.lbgi.net
This press release contains statements that are "forward-looking," andinvolve a number of risks and uncertainties. Statements that are nothistorical facts are considered forward-looking statements, and are subjectto Safe Harbor provisions as defined in the United States PrivateSecurities Litigation Reform Act of 1995. Company results and performancemay be materially different from future results, strategies, plans or goalsexpressed or implied by any forward-looking statements made herein. TheCompany disclaims any obligation to update or revise any forward-lookingstatements.
Contact:Legends Business Group, Inc.Larry Powalisz407-263-4029inquiries@lbgi.net
With terms more favorable than what any lenders offered at that time, thefunds to be disbursed were repayable twelve (12) months from the date ofissuance at the accrued interest rate of twelve percent (12%) annually.
"A total of three loans were granted for one hundred thousand dollars($100,000), fifty thousand dollars ($50,000) and two hundred thousanddollars ($200,000) respectively. The ability to repay two hundred thousanddollars ($200,000) of these loans back in such a short time is attributedto the strong performance across our entire business model, driving recordclient sales throughout the first three quarters of the year. Despite thecurrent uncertain national economic environment, our business remains verysolid and our position continues to grow," said Larry Powalisz, Presidentand CEO of Legends Business Group, Inc.
About Legends Business Group, Inc.:
Legends Business Group, Inc. is an Over the Counter Bulletin Board stockwhich trades under the symbol LGBS. To obtain additional information aboutLegends Business Group, Inc., please visit the Company's website, which maybe found at: www.lbgi.net
This press release contains statements that are "forward-looking," andinvolve a number of risks and uncertainties. Statements that are nothistorical facts are considered forward-looking statements, and are subjectto Safe Harbor provisions as defined in the United States PrivateSecurities Litigation Reform Act of 1995. Company results and performancemay be materially different from future results, strategies, plans or goalsexpressed or implied by any forward-looking statements made herein. TheCompany disclaims any obligation to update or revise any forward-lookingstatements.
Contact:Legends Business Group, Inc.Larry Powalisz407-263-4029inquiries@lbgi.net
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