SOURCE: Trustcash Holdings, Inc.

June 17, 2009 09:00 ET

Greg Moss Former President Files for Bankruptcy Protection and Settlement Discussions With Ayuda Funding Corp. Terminate

ATLANTA, GA--(Marketwire - June 17, 2009) - 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™ payment card, which is sold in denominations ranging from $10 to $200 online. The Trustcash™ 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 Information

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    Trustcash Holdings, Inc.
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    1-800-975-5196