SOURCE: Trustcash

June 14, 2010 18:30 ET

TrustCash Provides Shareholder Update

ATLANTA, GA--(Marketwire - June 14, 2010) -  TRUSTCASH HOLDINGS, INC. ("TRUSTCASH" or the "COMPANY") (PINKSHEETS: TCHH) confirms that its recent acquisition of 25% of Alligato, Inc. will been rescinded. The restricted stock issued as part of the exchange will be cancelled and returned to treasury and treated as unissued shares.

The acquisition of the minority stake in Alligato, Inc. is not allowable due to the Company's Cease Trade Order ("CTO") issued in August 2009 from the British Columbia Securities Commission, a highly regarded Canadian securities regulator. The rescission of the transaction was agreed to by the Company as well as Alligato, Inc.

The Company had previously disclosed the issuance of the CTO in a press release dated September 21, 2009 (http://www.marketwire.com/press-release/Trustcash-Provides-Shareholder-Update-PINKSHEETS-TCHH-1205540.htm).

The Company also announced today that its Chief Technology Officer Mr. Claudio Lai has been appointed by the Board of Directors as President, CEO and Director of the Company replacing Mr. Kent Carasquero as an Officer and Director. Mr. Carasquero resigned as an Officer and Director of the Company effective at the time that Mr. Lai agreed to assume the same positions.

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ABOUT TRUSTCASH

The TrustCash™ platform delivers a sophisticated, comprehensive online payment processing system.

The TrustCash technology infrastructure provides merchants with open access, PCI compliant payment processing. TrustCash™ is an E-Commerce expert providing online businesses with payment solutions needed to be successful.

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.

Contact Information

  • Contact:
    TrustCash Holdings, Inc.
    Shareholder Communications
    Email Contact: Email Contact
    1-800-975-5196