SOURCE: Paivis, Corp.

October 01, 2007 02:24 ET

Paivis, Corp. Announces Resignation of Gregory Bauer as Officer and Director of Paivis, Corp. and Subsidiaries; Edwin Kwong Appointed as Interim Successor

ATLANTA, GA--(Marketwire - October 1, 2007) - Paivis, Corp. ("PAIVIS" or the "Company") (OTCBB: PAVC) today announces that Mr. Gregory Bauer has resigned from the Company as a Director and Officer after mutual agreement with the Board of Directors (the "Board") as part of the Board's strategic initiatives that are expected to build additional shareholder value.

Mr. Bauer will remain with the Company in another capacity. Mr. Edwin Kwong has been appointed to fill the roles vacated by Mr. Bauer on an interim basis, including President, CEO and CFO.

Mr. Kwong has over five years of experience as a public company CFO, and over 10 years of experience as a management consultant to small growing Companies, both public and private. Mr. Kwong previously served as a consultant to Paivis, Corp. and various subsidiaries.

Mr. Bauer, outgoing President and CEO of PAIVIS, commented: "In the best interest of the Company the Board of Directors and I mutually agreed for me to step aside to enable the building of a new management team to take the helm of the Company. I have and will always have an enormous allegiance and respect for this Company, its founders and to our faithful employees and loyal stockholders."

Mr. Kwong, newly appointed Interim President and CEO, commented: "The Board of Directors will continue its plan to build the Company through internal growth and acquisitions and endeavor to build out the long term management team as soon as practicable. I look forward to serving the Company on an interim basis and implementing the next stage of our ongoing plans for debt reduction, growth, earnings and shareholder value."

Cathy Wilson also resigned as Corporate Secretary of the Company. Mr. Kwong will also fill that vacated role on an interim basis. The resignations and appointments were effective September 25, 2007.

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.

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. PAIVIS 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 PAIVIS actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in PAIVIS 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.

Contact Information

  • Contacts:

    Paivis, Corp.
    Edwin Kwong
    Interim Chief Executive Officer
    Phone: 404-601-2885
    www.paivis.com