NEW YORK, Oct. 6, 2007 (PRIME NEWSWIRE) -- Trustcash Holdings Inc. ("Trustcash or the Company") (OTCBB:TCHH) announces that the Company has signed a Term Sheet with Paivis, Corp. ("Paivis") whereby we have outlined the terms of an acquisition/merger wherein we would have the right to acquire all of the issued and outstanding Common and Preferred shares of Paivis; on a share for share basis. The completion of the acquisition is subject to amongst other things the completion of legal and financial due diligence, acceptance of a mutually acceptable financing of no less than $6,000,000 and the signing of a definitive agreement on or before October 15, 2007.
Greg Moss, President and CEO of Trustcash, commented: "We at Trustcash realize that together, Trustcash and Paivis could become a powerful prepaid organization. As a result we are making an aggressive offer to the Paivis shareholders. We feel confident this merger transaction will close and will benefit both our shareholder groups."
About Paivis
Headquartered in Atlanta, GA, 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.
Paivis is currently generating approximately $10,000,000 in annual run rate revenue. New management have identified expenditures in several areas of the operation that can be reduced and/or eliminated to quickly turn positive cash flow. In addition, management have implemented a plan that will build upon the current operations to significantly increase both revenues and profitability.
Specifically, Paivis recently entered into definitive agreements to acquire both Detroit Phone Cards Inc. and AAAA 4 Media Services, Ltd. These acquisitions will lay foundation for the expansion of Paivis' existing prepaid calling card business and the introduction of new but related business lines that Paivis believes will result in a significant increase in revenues. To find out more about Paivis, Detroit Phone Cards Inc. and AAAA 4 Media Services, Ltd. please go to www.paivis.com .
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 (both virtual and physical) that can be used by consumers to make secure and anonymous purchases on the internet without disclosing their credit card or personal information. Trustcash has initiated relationships with more than 500 merchants as well as thousands of retail outlets, and utilizes a proprietary technology and processing system which supports secure and private payments. 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.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the "PLSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the PSLRA. TRUSTCASH intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause TRUSTCASH actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in TRUSTCASH annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission which can be viewed free of charge on its website at http://www.sec.gov.