2012-11-28 14:45:31 -
MIAMI, FL--(Marketwire - November 28, 2012) -
Legends Business Group (PINKSHEETS: LGBS), today announced the Restorer Chargers (RC) has been undergoing performance testing over the last several weeks. Testing has been completed by a third party testing facility and they have submitted their preliminary testing report for review.
Legends is pleased to disclose the performance testing results on the company's second product, the Restorer Chargers (RC); to be added to the upcoming Zombie Chargers product line. On November 15, 2012 Legends announced it had authorized their main manufacturer to research and obtain a third party testing facility thus keeping the company at arm's length of the testing.
The Restore Charger's performance test was expected to verify the claim that the Zombie Battery Restorer is capable of reconditioning common discarded lead-acid batteries used mostly in the automotive industry. The RC is designed to recover 12 V lead acid batteries ranging from 4 Ah in capacity and above. The RC's primary function is to restore mostly older, non-functioning batteries, which will no longer take a charge using the standard chargers available on the market today. Using proprietary programming and pulse-charging techniques, this technology is claimed to overcome several of the limitations of existing technologies; the inability to reverse the negative effects of early failure due to sulfation on a battery's plates and thus the inability of restoring a battery to a like new status.
Based on the results of this investigation, the data shows significant improvement in the capacity of restored lead-acid batteries after being subjected to the Restore Charger. Overall, the findings showed that eight out of the ten batteries taken directly from the junkyard that were restored and tested, passed a final load test with cold cranking amperage ratings, which were at or above the manufactures represented value on the battery. While it is outside of the scope of this investigation to determine the long-term effects of the Zombie Restorer on the test batteries, a qualitative third load test, conducted about two weeks later, showed that the batteries still retained a substantial quantity of their charge, and continued to give acceptable cold cranking amperage values.
"Testing results from the Restorer Charger were over and above with what the company expected," said Rudy Sablon, LGBS's President and CEO. "We can't wait to show our shareholders and the public the independent testing report itself." Legends will post these final testing results for the Restorer Charger on the website in the next week or so. Please Visit: www.legendspower.com/current_projects.php
Initially performance testing was expected to be conducted on the company's first announced product, the Multi-Function Charger MFCC. Due to delays in finding and negotiating with an independent testing facility, the MFCC's performance testing started after the Restorer Charger. Testing has now started on the MFCC and the company expects the test results will be out soon.
During the process of reviewing information for our audit, it was found that there was an error in the Freely Tradable Shares (Public Float). This information was corrected in Item VI of the 2012 Third Quarter Narrative; Freely Tradable Shares (Public Float) for Years 2010 - Current as posted on November 14, 2012 and we would like to further clarify this change.
The company found that an error had occurred during the Annual 2010 report, which disclosed the Public Float at 1,124,215,000. During the Public Float calculation prior management applied the issuance of shares purchased from Intercontinental Systech, Inc. merger and the majority ownership change to Rolando Sablon as belonging to the public float figure in that 2010 Annual Report.
This calculation was found to be incorrect as these shares were restricted at the time of issue and still are, and should not have been reflected in the Freely Tradable Shares (Public Float) figure for that year. This item was discovered during the company's current ongoing audit, and has now been corrected going forward. Please see the company's financials and narrative for more information.
One of Legends new undertakings is overall transparency to its shareholders; visit our website under current projects to find updates on the MFCC. Visit: www.legendspower.com/current_projects.php
About Legends Business Group
Legends Business Group, Inc., was incorporated in March 2006, and is a publicly traded company. The company has recently refocused its purpose and has moved itself into the alternative and exotic energy marketplace. For more information please visit: www.legendspower.com
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filings. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
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