SOURCE: Trustcash

June 24, 2009 17:26 ET

Trustcash Reduces Debt by $1,075,000; Part of Effort to Boost Shareholder Value

ATLANTA, GA--(Marketwire - June 24, 2009) - Trustcash Holdings, Inc. ("Trustcash" or the "Company") (PINKSHEETS: TCHH) announces it has reduced its debt by approximately $1,075,000 (unaudited). This debt reduction is a major step forward in execution of a plan to boost shareholder value.

In the early stages of development and under previous management the Company had accumulated over two million dollars ($2,000,000) in liabilities including, Three Hundred and Seventy Five Thousand dollars ($375,000) ("unaudited") in bridge loans and a Seven Hundred Thousand dollars ($700,000) ("unaudited") note payable.

One Million Seventy Five Thousand dollars ($1,075,000) ("unaudited") in debt was recently settled and the Company was released and forever discharged from the note payable. The company continues to negotiate with balance of its creditors and expects to restructure or settle substantially all of the Company's debt obligations in the near future.

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.

Contact Information

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