SOURCE: Paivis, Corp.

November 16, 2007 11:48 ET

Paivis, Corp. Provides Update to Shareholders Regarding Its Planned Merger With Trustcash Holdings, Inc.

ATLANTA, GA--(Marketwire - November 16, 2007) - Paivis, Corp. ("PAIVIS" or the "Company") (OTCBB: PAVC) today provides an update to its shareholders regarding its planned merger with Trustcash Holdings, Inc. ("Trustcash").

The Company is pleased to announce that the negotiations and finalizing of a definitive agreement with Trustcash is progressing very well and the Company expects a completion of the definitive agreement shortly.

The Company also wishes to inform the shareholders that the valuation process is moving forward well and is planned to be complete in conjunction with the definitive agreement.

Trustcash Holdings, Inc. ("Trustcash") has offered $1.30/share for every Paivis common share on a share exchange basis amongst other terms and conditions as per the Term Sheet with Paivis dated October 5, 2007. The valuation process is a requirement under the planned merger with Trustcash. This valuation is being undertaken by an independent valuation firm engaged by the Company.

Edwin Kwong Interim CEO of Paivis, Corp., commented, "We feel based on the current and future outlook for the Company that Paivis is very undervalued currently. We believe that our value is at least the $1.30 that was offered by Trustcash. We plan to get the maximum price attainable for our shareholders in the merger transaction."

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 "PSLRA") 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