Trustcash Updates Shareholders on Strategy for Increased Shareholder Value and Updates on Capital StructureFont size: A | A | A4:30 PM ET 6/23/09 | Market Wire
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Trustcash Holdings Inc. ("Trustcash" or the "Company") (PINKSHEETS: TCHH) today provides its shareholders an update on its strategy to achieve increased shareholder value and on its capital structure.
BUSINESS STRATEGY
Trustcash's business model was previously focused on expanding through acquisitions. Amongst other things, economic and stock market conditions have not been conducive to such a strategy. The Company must improve its balance sheet and income statements before it can realistically acquire other operations in a more conventional acquisition scenario. To do so, Trustcash will stick with the fundamentals and the Company has been working since the beginning of the year to restructure or settle substantially all of the Company's debt obligations.
Furthermore, the Company is now implementing a multi-pronged strategy, which still includes acquisitions but places increased emphasis on organic long-term growth of its Internet Payment Services business. Upon successful implementation of these strategies management believes it should translate into increased shareholder value.
Internet Payment Services Growth Strategy Overview, including but not limited to the following:
Fundamentally business growth is the best plan for share price appreciation. With that in mind the Company recently rebuilt its entire technology infrastructure which has reduced its operating expenses by lowering the time required to complete integrations, updating its clients website needs and reducing fraud.
The Company has expanded its services beyond those offered by most Internet Payment Service Providers (IPSPs) i.e. direct bank account credit and debit solutions, mobile solutions and cross-marketing with co-developers and resellers.
Trustcash custom creates a payout payment experience and does this no matter what system its clients use as a primary billing source to maximize their opportunity for sales.
Unlike most IPSPs, Trustcash works with its clients with almost no technical requirements or effort required from them and does not charge a setup or integration fee.
The company charges a flat rate for processing with no chargeback or hidden fees.
Trustcash is also expanding its market offerings to include Business to Business solutions and cash transfer solutions.
TRUSTCASH CAPITAL STRUCTURE
Trustcash has developed a business based on the sale of a virtual stored value card that can be used by consumers to make secure and anonymous purchases on the internet. Also the Company is aiming to be a leader in the industry while achieving growth and profitability for its shareholders. Unfortunately, as a result of the OTC investment dynamics, the Company has not established long-term share price appreciation. As a result of not establishing long-term capital appreciation, the Company has not only faced the risk of dilution, but actually realized more dilution than anticipated.
Current Authorized Capital (unaudited):
1. 1,000,000,000 shares of common stock, Par Value $0.001 per share; and
2. 50,000,000 shares of preferred stock, par value $0.001 per share
Issued and Outstanding (unaudited):
1. 858,340,806 common shares
2. 100 preferred A shares
The Company looks forward to sharing more about its strategic gameplan, our upcoming progress and our efforts to establish long-term capital appreciation.
About Trustcash
Through its Trustcash brand and website (www.trustcash.com), Trustcash is a pioneer of anonymous payment systems for the internet. Trustcash developed a business based on the sale of a virtual stored value card that can be used by consumers to make secure and anonymous purchases on the internet. The company markets its Trustcash(TM) payment card, which is sold in denominations ranging from $10 to $200 online. The Trustcash(TM) card is the only "stored value card" produced where no personal data is stored by or available to a vendor or merchant, providing a unique level of both security and privacy to the purchaser.
Cautionary Statement Regarding Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, technological changes and uncertainties related to the development of Trustcash's business model. The actual results Trustcash may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
Contact
Trustcash Holdings, Inc.
Shareholder Communications
Email Contact
1-800-975-5196
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Greg Moss Former President Files for Bankruptcy Protection and Settlement Discussions With Ayuda Funding Corp. TerminateFont size: A | A | A9:01 AM ET 6/17/09 | Market Wire
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2:24 PM ET 6/24/09
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Trustcash Holdings, Inc. ("Trustcash") (PINKSHEETS: TCHH) announced today that Greg H. Moss, former president of Trustcash, filed a Chapter 7 bankruptcy petition in the US Bankruptcy Court and settlement discussions between Trustcash and Ayuda Funding Corp. ("Ayuda") conducted in an effort to resolve pending litigation, have ended unsuccessfully.
The Complaint Against Moss and Ayuda
Trustcash's complaint, filed on October 27, 2008 in the United States District Court for the District of New Jersey, alleges that Mr. Moss and Ayuda knowingly engaged in the illegal and fraudulent distribution of restricted shares of Trustcash's common stock into the over-the-counter public market. Trustcash claims the market impact of this unlawful distribution severely depressed the market value for Trustcash stock, thereby depriving shareholders of the value of their holdings. The defendants' actions also operated as a major obstacle to the fund raising operations that Trustcash was undertaking.
Trustcash claims that Mr. Moss' former positions with the company and his beneficial ownership of more than 10% of the outstanding shares of the common stock at the time of the distribution made him an "affiliate" of the company, restricting his ability to sell shares in the open market. Trustcash has alleged in its complaint that Moss' consecutive transfers of shares to Ayuda on February 19th, 2008, and March 18th, 2008 of 1,750,000 and 7,000,000 shares of Trustcash common stock were contrary to the restrictions imposed by current securities regulations. Mr. Moss resigned as CEO, CFO, principal accounting officer and director of Trustcash on March 27, 2008.
Kent Carasquero, Trustcash's current CEO comments: "We are disappointed that Ayuda has filed a motion to dismiss our claims rather than settle them amicably. We now wait for the courts to authenticate our claims by rejecting Ayuda's motion to dismiss. As for Mr. Moss, his filing in the US Bankruptcy Court has not dissuaded us from attempting to proceed with our claims against him, as claims for the illegal and fraudulent distribution of securities are not dischargeable in bankruptcy court." Gregory Bartko, Esq., of the Law Office of Gregory Bartko, LLC, the law firm handling the securities claims on behalf of Trustcash, commented: "We are optimistic that the Trustcash claims pending in Federal court in New Jersey will move forward shortly. The briefs have been filed with the court now for over 60 days, so a ruling could be received at anytime."
About Trustcash
Through its Trustcash brand and website (www.trustcash.com), Trustcash is a pioneer of anonymous payment systems for the internet. Trustcash developed a business based on the sale of a virtual stored value card that can be used by consumers to make secure and anonymous purchases on the internet. The company markets its Trustcash(TM) payment card, which is sold in denominations ranging from $10 to $200 online. The Trustcash(TM) card is the only "stored value card" produced where no personal data is stored by or available to a vendor or merchant, providing a unique level of both security and privacy to the purchaser.
Cautionary Statement Regarding Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, technological changes and uncertainties related to the development of Trustcash's business model. The actual results Trustcash may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Trustcash encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K and Form 10-Q. Trustcash's public filings may be viewed at www.sec.gov.
Contact:
Trustcash Holdings, Inc.
Shareholder Communications
Email Contact
1-800-975-5196
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