NEWS
Trustcash Holdings, Inc. Provides Update to Shareholders
Market Wire - April 04, 2008 8:15 AM ET
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TRUSTCASH HOLDINGS, INC. ("TRUSTCASH") (OTCBB: TCHH) today provides the following update to its shareholders on a number of its corporate activities including its upcoming merger with PAIVIS, CORP. ("PAIVIS") (PINKSHEETS: PAVC).
The previously announced pre-merger collaboration between Trustcash and Paivis for purposes including, but not limited to, integration planning, continues to expand and progress. This planning will allow post closing integration to be conducted smoothly and a faster rate to achieve the desired synergies and cost savings.
In anticipation of the merger, Trustcash has appointed Mr. Claudio Lai to the position of Chief Technology Officer to assist with, amongst other things, the integration of the Trustcash virtual card and Paivis' distribution networks.
For the last five years Mr. Lai has been and remains the Chief Technical Officer of Vertutech Industries, Inc., a programming, software and web design company. Mr. Lai has managed numerous projects with Vertutech including:
-- Management of web design projects for sites such as IMPAQ
(www.impaqcorp.com).
-- Development of web programs (modules) which included; email
subscription programs, password management systems, e-commerce solutions,
and content delivery systems.
-- Development of database management software.
-- Customizing already developed content management systems.
-- Web server management.
-- Customizing of shopping cart systems.
In regards to the Merger closing schedule, Trustcash continues to execute the items required to meet the terms of the Merger Agreement. The Company is working diligently with Paivis to have the merger occur as soon as practicable.
The Company has had a positive response to the Chairman's letter released to the public recently and will continue to provide insight into the future of the company as developments warrant. Significant progress is occurring at a fast pace and management is aggressively executing on the steps necessary to grow the company and close the planned merger with Paivis. The Company expects positive developments to occur in the near term.
About Trustcash
Through its Trustcash brand and website www.trustcash.com, the Company is a pioneer of anonymous payment systems for the internet. It developed a business based on the sale of a stored value card that can be used by consumers to make secure and anonymous purchases on the internet without disclosing their credit card or personal information. Trustcash provides to its customers the "Trustcash(TM)" payment card, which is sold in denominations ranging from $10 to $200 either online, through any of over 500 websites. Trustcash's non-reloadable, virtual Trustcash card is the only "stored value card" that can be purchased where no personal data is stored or available, providing a unique level of both security and privacy to the purchaser.
About Paivis, Corp.
Paivis, Corp. is a wholesale telecommunications carrier that sells prepaid "point-of-sale activated" and live cards. Paivis generates its revenues through the sale of prepaid calling cards and wireless services, and international wholesale termination. Products are sold throughout many of the country's major retail outlets, including Duane Reade, 7-Eleven, and Chevron.
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