FOR IMMEDIATE RELEASE:
CONTACT:
Gabriel Technologies Corp
Dan Chicoine
Investor Relations Officer/VP of Marketing
(402) 614-0258
dchicoine@gabrieltechnologies.com
Legend Investment Corporation
press@legendinvestment.com
(734) 786-1461
GABRIEL TECHNOLOGIES
TIGHTENS SECURITY FOR NATION’S LARGEST WABASH TRUCKING TRAILER
DEALERSHIP
ANN ARBOR, MI--(MARKET WIRE)--Feb
22, 2005 -- Legend Investment Corp. (Other OTC:LVCP.PK - News)
today announced that it has entered into a financing agreement
with Gabriel Technologies Corp (OTC BB:GWLK.OB - News) and Osha
Pacifica Group. Under the agreement, Legend Investment would receive
a 15% equity interest in Osha Pacifica Group and a debt instrument
with warrants to purchase common stock in Gabriel Technologies
Corp. The value of the investment is expected to be up to $3,500,000.
Osha Pacifica Group (OPG) currently has a contract from Convenience
Marketing Network (CMN), the industry's largest convenience store
broker with annual sales of $2 billion, to be the exclusive provider
of automotive, financial, novelty and general merchandise supplier
to CMN's customer base. CMN's customer base consists of 96,000
convenience stores throughout the United States.
With Legend's participation, OPG would begin to roll out a line
of automotive products under the brand name, "PitCrew Express."
The auto category in this channel of distribution represents an
estimated $1.2 billion in sales in the United States. The products
in the line include lubricants, chemicals and additives and automotive
accessories. OPG expects that if OPG gains access to the necessary
Financing, the PitCrew Express line will generate $245,000,000
in sales in 2006.
Additionally, OPG is rolling out a financial services program
called SOLO UNO to the convenience stores services by CMN. The
program is expected to offer stored-value products, cross-border
money transfer services, and bill payment. The market for funds
transfer is estimated to be in excess of $12 billion annually.
The debt portion of the financing with Gabriel Technologies (OTC
BB:GWLK.OB - News) will allow Gabriel to offer its award-winning
line of padlocks, marketed under the WAR-LOK(TM) product name,
to be the exclusive lock product sold through these convenience
store channels.
"With this dynamic distribution agreement developed for our
WAR-LOK(TM) Padlock line and combined with the industry-leading
reach CMN offers, we are very positive about having our padlocks
now available for commercial application in the convenience store
markets," said Keith Feilmeier, President/CEO of Gabriel
Technologies Corp. "Additionally we see our vested ownership
in OPG a natural fit into our business model of focusing on distributor/VAR
agreements for quick absorption of our WAR-LOK(TM) product line
into the marketplace," stated Feilmeier.
"This extraordinary opportunity with OPG and Gabriel Technologies
would allow us to leverage our core skills in licensing, branding,
and financial services, with the expectation of real revenue,
eventual earnings, and an increase in the net asset value for
our shareholders," said Peter Klamka, President of Legend
Investment.
Bill Bedortha, founder of CMN, recently named Executive Director
of Product Development for OPG, stated, "Having the ability
to leverage the large distribution network CNM has developed over
the years and implement these new and existing market categories,
OPG has produced many needed opportunities in the convenience
store arena".
CMN was recently acquired by Advantage Capital.
This agreement between Legend Investment and Gabriel and OPG is
non-binding and subject to due diligence which is being conducted
now and the execution of a definitive agreement between all parties.
The final investment is subject to Legend obtaining sufficient
financing to make the investment; Legend may not succeed in obtaining
that financing.
About Legend Investment Corp:
Based in the Detroit area, Legend Investment Corp is a publicly
traded business development company. Legend's focus is debt and
equity investments in emerging private companies. More information
about the company can be found at www.legendinvestment.com.
About Gabriel Technologies Corporation:
Gabriel Technologies of Omaha, Neb, develops proprietary technology
for, and manufactures and sells, a series of physical locking
systems for the transportation/shipping industry collectively
known as the WAR-LOK(TM) Security System. Security within the
transportation/shipping industry has evolved substantially in
recent years due to the increased risks in theft and terrorism.
In the United States alone cargo theft accounts for $15 billion
in annual losses.
SAFE HARBOR Information in this news release may contain statements
about future expectations, plans, prospects or performance of
Legend Investment Group or Gabriel Technologies Corporation that
constitute forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995. The words or phrases "can be," "expects,"
"may affect," "believed," "estimate,"
"project," and similar words and phrases are intended
to identify such forward-looking statements. The company cautions
you that any forward-looking information provided by or on its
behalf is not a guarantee of future performance. None of the information
on this news release constitutes an offer to sell securities or
investment advice of any kind, and visitors should not base their
investment decisions on information contained in this website
The company's actual results may differ materially from those
anticipated in such forward-looking statements as a result of
various important factors, some of which are beyond the company's
control, in addition to those discussed in the company's press
releases, public filings, and statements by the company's management,
including, but not limited to, estimates of the sufficiency of
its existing capital resources, abilities to raise additional
capital to fund future operations and repay its existing indebtedness,
and the uncertainties involved in estimating market opportunities.
All such forward-looking statements are current only as of the
date on which such statements were made. The company does not
undertake any obligation to publicly update any forward-looking
statement to reflect events or circumstances after the date on
which any such statement is made or to reflect the occurrence
of unanticipated events.