SOURCE: Trustcash

June 26, 2008 08:15 ET

Trustcash Holdings, Inc. Shareholder Update

ATLANTA, GA--(Marketwire - June 26, 2008) - TRUSTCASH HOLDINGS, INC. ("TRUSTCASH") (OTCBB: TCHH) announced today that: (A) it has informed Paivis, Corp ("Paivis") (PINKSHEETS: PAVC) that it would prefer acquiring control of Paivis through a Dutch Auction and (B) both parties have agreed to extend the closing date of the Merger Agreement to correspond with a financing.

Trustcash has confirmed that financings offered to date are being reviewed, however we have not accepted any proposal with the exception of that received from Mistral Ventures, Inc.

Kent Carasquero comments, "We still believe in combining the value of Trustcash, Paivis, Detroit Phone Cards Inc. and AAAA Media Services, Ltd. and are very optimistic with respect to finding a capable financial partner. However we must be prudent when considering the best use of any funds to be raised."

Dutch Auction example- Sourced from Wikipedia

A Dutch Auction share repurchase allows firms an alternative to the fixed price tender offer when executing a tender offer share repurchase. The first firm to utilize the Dutch Auction was Todd Shipyards. A Dutch Auction offer specifies a price range within which the shares will ultimately be purchased. Shareholders are invited to tender their stock, if they desire, at any price within the stated range. The firm then compiles these responses, creating a supply curve for the stock.

The purchase price is the lowest price that allows the firm to buy the number of shares sought in the offer, and the firm pays that price to all investors who tendered at or below that price. If the number of shares tendered exceeds the number sought, then the company purchases less than all shares tendered at or below the purchase price on a pro rata basis to all who tendered at or below the purchase price. If too few shares are tendered, then the firm either cancels the offer (provided it had been made conditional on a minimum acceptance), or it buys back all tendered shares at the maximum price.

A variation on the Dutch Auction, Open IPO, was used on the IPO for Google stock.

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 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
    617-633-2259