SOURCE: Legend Mobile

April 13, 2005 08:53 ET

Legend Credit to Enter Gift Card Trading Business With New Site to Offer Gift Card Exchange

ANN ARBOR, MI -- (MARKET WIRE) -- April 13, 2005 -- Legend Credit Inc. (OTC BB: LGMB), a subsidiary of Legend Mobile Inc. today announced that is has begun the development of, a web site dedicated to buying, trading, and selling gift cards.

The site will allow users to place unwanted cards for sale and trade. will be open to all brands of gift cards ranging from popular mall-based retailers to bank branded cash cards. Legend Credit will derive a transaction fee from users who actually sell cards. The business model encourages users to list unwanted cards and browse the cards of other users.

"Our own customers have asked for this type of service. comes out of a need that we recognized from consumers who received a specific gift card and did not want it. It is often difficult to obtain cash for stored value cards and certain maintenance fees can erode a card's value over time. With our new service, users should be able to quickly monetize unwanted cards or get one of value to them," said Peter Klamka, President of Legend Credit Inc.

The popularity of gift cards has grown significantly in recently years. According to industry estimates, nearly two thirds of all American adults said they received or purchased a gift card in the last twelve months. Sales of gift cards are expected to reach $55.5 billion this year.

Legend Credit Inc. has developed a number of stored value products in recent years including celebrity gift cards and reloadable debit cards. The new site is also expected to offer benefits to future holders of Legend's card products. is scheduled to launch within sixty days.

Statements in this press release that are not purely historical are forward-looking statements, including statements regarding Legend's beliefs, expectations, hopes or intentions regarding the future. Forward-looking statements in this release include, but are not limited to, statements regarding the ability to complete the development of the website; the ability of the company to develop and market the site, the demand for the Company's products and solutions; and sometimes contain words such as "believe," "expect," "intend," "anticipate," "plan," and "estimate" or similar expressions. It is important to note that actual outcomes and the Company's actual results could differ materially from forward-looking statements. Readers should also refer to the risk disclosures outlined in the Company's reports filed with the Securities and Exchange Commission.

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