SOURCE: Trustcash

March 11, 2008 08:15 ET

Trustcash Holdings, Inc. Releases Chairman's Letter to Its Shareholders and Shareholders of Paivis, Corp.

NEW YORK, NY--(Marketwire - March 11, 2008) - TRUSTCASH HOLDINGS, INC. ("TRUSTCASH") (OTCBB: TCHH) today released the opening statement of a letter from its Chairman, Dennis Shafer, to its shareholders and the shareholders of PAIVIS, CORP. ("PAIVIS") (PINKSHEETS: PAVC).

Dear Trustcash and Paivis Shareholders:

Trustcash Holdings, Inc. recently announced an agreement to acquire Paivis, Corp. under terms requiring the payment of Paivis shareholders $.10 per share in cash as well as the conversion of each share of Paivis common into one share of Trustcash common stock. Although Trustcash shares are currently trading below $.10, we believe this pending merger offers significant opportunities for increasing shareholder value, and therefore Trustcash is committed to completing this merger despite the current market conditions.

Trustcash management is currently structuring a financing to complete this merger, integrate the businesses and spark further growth. We are making the necessary steps to move as quickly as possible for the benefit of the shareholders of both entities. Cooperating with Paivis management has been a key factor in moving forward as they have shown their commitment to the building of one large consolidated company.

As I will endeavor to describe in this letter, there are numerous advantages to this merger, none more compelling that than the opportunity to develop the combined corporation into a leader in the prepaid and payment processing markets.

The merger of Trustcash with Paivis and its pending acquisitions creates a prepaid phone card and debit card payment business with over $70 million in revenue, 100,000 consumer customers, potential distribution in over 20,000 retail outlets, and a website with over 30,000 active users per month. We believe that consolidating our strengths following our merger will create a position with substantial momentum in four of the fastest growing markets in the payment processing industry:

    1.  Cash-based Consumer Market
    2.  Stored Value Cards
    3.  Wireless Telecommunications
    4.  Internet

We have seen this market opportunity for quite sometime and therefore have been aggressive in our pursuit of Paivis. I feel confident in our vision and plan and as a team we will make every attempt to achieve long-term success for Trustcash, our shareholders and the shareholders we plan to welcome from the Paivis merger.

Sincerely,
      Dennis Shafer
      Chairman
      Trustcash Holdings, Inc.

Other parts of the Trustcash Chairman's letter to shareholders will be issued in further press releases.

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 provides to its customers the "Trustcash™" payment card, which is sold in denominations ranging from $10 to $200 online through any of over 500 websites. 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.

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

  • Trustcash
    Investor Relations
    Charles Moskowitz
    212-755-4884