PAIVIS Corp (fka PAVC)

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Paivis, Corp. Provides Shareholder Update
Nov 5, 2008 8:17:00 AM


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View Additional ProfilesATLANTA, GA -- (MARKET WIRE) -- 11/05/08 -- Paivis, Corp. (PINKSHEETS: PAVC) ("PAIVIS" or the "Company") today updates its shareholders on its planned merger with Trustcash Holdings, Inc. as well as additional business developments.

In July 2008, Paivis attempted to complete all required deliverables of the due diligence items presented by Trustcash and had pushed for the consummation of the merger in August 2008. However, the recent credit crisis and general market conditions, have impacted the sourcing of capital.

Paivis continues to work closely with Trustcash and the Company still believes that the merger is a logical plan to pursue for our mutual organizations. This belief is supported by the operational efficiencies that have already been achieved by the integration of customer services as well as other back office operations.

As a result of these operational efficiencies, both companies are already realizing cost-savings of the planned merger. Furthermore, we have started to execute our plan to integrate a Trustcash physical debit card with our distribution network as discussed in previous press releases.

Additionally, Paivis would like to reassure its shareholders of its commitment to expand on our core business and deliver shareholder value. To that end, the Company has spent the last few months working on major initiatives that are anticipated to have a positive impact on the business and shareholder value. We look forward to announcing further developments as we continue to execute our business plan.