Trustcash Holdings Inc (TCHH)

[rhaywood]

Come on man. That was from 2007, stop posting crap like that.

Trustcash Holdings Make Acquisition and Has Change in Control

  

July 05, 2007 22:57 ET | Source: Trustcash Holdings, Inc.

NEW YORK, July 5, 2007 (PRIME NEWSWIRE) -- Trustcash Holdings, Inc. (the "Company") (OTCBB:TCHH) announced today that it has acquired all outstanding membership interests of Trustcash LLC, a leader of private and secure payment processing on the Internet.
Under the terms of the Purchase Agreement, the Company acquired all of the issued and outstanding membership interests of Trustcash LLC from the owners of Trustcash LLC, free and clear of all liens. Pursuant to the Agreement the Company elected Gregory Moss, who is a co-founder of Trustcash LLC, as its President and CEO, and a director, and Dennis Shafer as its Chairman of the Board.
The Company issued to the former members of Trustcash LLC an aggregate of 49,631,448 shares of common stock. It also paid to one former member $200,000 in cash and issued its 5% Secured Promissory Note in the principal amount of $700,000 payable in full in two years, subject to certain mandatory prepayment requirements out of future financings received by the Company, in return for, among other things, such member's surrender of certain indebtedness owed to it by Trustcash LLC. The Company's Note is secured by all the current and future assets of the Company and its subsidiaries and guaranteed by its Trustcash LLC subsidiary.