Legends Business Group, Inc. Announces Third Quarter Earnings Increase of $.02 per Share

• Press Release
• Source: Legends Business Group, Inc.
• On Monday November 17, 2008, 8:30 am EST

CASSELBERRY, FL--(MARKET WIRE)--Nov 17, 2008 -- Legends Business Group, Inc. (OTC BB:LGBS.OB - News) 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.

Related Quotes

Symbol	Price	Change
LGBS.PK	0.03	0.00

{"s" : "lgbs.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""}

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