Post by bg317 on Nov 29, 2007 22:32:43 GMT -5
Paivis, Corp. Announces Price Valuation Range Finalized at $0.54 - $0.60/Common Share
ATLANTA, GA, Nov 29, 2007 (MARKET WIRE via COMTEX) -- Paivis, Corp. ("PAIVIS" or the "Company") (OTCBB: PAVC) today announces that the price valuation of the Company has been finalized at a range of $0.54 - $0.60/common share. The pricing analysis is based principally on a comparative assessment of the future revenues and cash flow of Paivis, inclusive of its recently announced acquisition agreements.
With the price valuation range now final, the Company will move forward to complete its negotiations with its merger candidate Trustcash Holdings, Inc. ("Trustcash").
The Term Sheet between Paivis and Trustcash signed on October 5, 2007 and filed with the Securities and Exchange Commission on October 15, 2007 had a purchase price for each Paivis common share for $1.30 in Trustcash preferred stock subject to an independent price valuation (See the Term Sheet referred to above for the initial terms and conditions of the planned merger). Even though the price valuation produced a range less than the $1.30 that management believes the Company's common stock is worth under the Term Sheet, management will negotiate aggressively to get the best price/share for the shareholders in the anticipated merger.
Although there is no guarantee of the results of the negotiations the Company will work hard to achieve an agreement with Trustcash that is reflective of the above pricing range as well as the intangible benefits and business opportunities Paivis brings to the merger.
Edwin Kwong, Interim CEO of Paivis, commented: "We believe our market price reflects an undervalued company and will pursue an agreement that maximizes value for Paivis' shareholders. We look forward to completing negotiations and executing the Definitive Agreement with Trustcash imminently."
About Paivis, Corp.
Paivis, Corp. is a wholesale telecommunications carrier that sells prepaid "point-of-sale activated" and live cards. Paivis generates its revenues through the sale of prepaid calling cards and wireless services, and international wholesale termination. Products are sold throughout many of the country's major retail outlets, including Duane Reade, 7-Eleven, and Chevron.
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. PAIVIS intends 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 PAIVIS actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in 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 www.sec.gov.
Contacts:
Paivis, Corp.
Edwin Kwong
Interim Chief Executive Officer
Phone: 404-601-2885
www.paivis.com
ATLANTA, GA, Nov 29, 2007 (MARKET WIRE via COMTEX) -- Paivis, Corp. ("PAIVIS" or the "Company") (OTCBB: PAVC) today announces that the price valuation of the Company has been finalized at a range of $0.54 - $0.60/common share. The pricing analysis is based principally on a comparative assessment of the future revenues and cash flow of Paivis, inclusive of its recently announced acquisition agreements.
With the price valuation range now final, the Company will move forward to complete its negotiations with its merger candidate Trustcash Holdings, Inc. ("Trustcash").
The Term Sheet between Paivis and Trustcash signed on October 5, 2007 and filed with the Securities and Exchange Commission on October 15, 2007 had a purchase price for each Paivis common share for $1.30 in Trustcash preferred stock subject to an independent price valuation (See the Term Sheet referred to above for the initial terms and conditions of the planned merger). Even though the price valuation produced a range less than the $1.30 that management believes the Company's common stock is worth under the Term Sheet, management will negotiate aggressively to get the best price/share for the shareholders in the anticipated merger.
Although there is no guarantee of the results of the negotiations the Company will work hard to achieve an agreement with Trustcash that is reflective of the above pricing range as well as the intangible benefits and business opportunities Paivis brings to the merger.
Edwin Kwong, Interim CEO of Paivis, commented: "We believe our market price reflects an undervalued company and will pursue an agreement that maximizes value for Paivis' shareholders. We look forward to completing negotiations and executing the Definitive Agreement with Trustcash imminently."
About Paivis, Corp.
Paivis, Corp. is a wholesale telecommunications carrier that sells prepaid "point-of-sale activated" and live cards. Paivis generates its revenues through the sale of prepaid calling cards and wireless services, and international wholesale termination. Products are sold throughout many of the country's major retail outlets, including Duane Reade, 7-Eleven, and Chevron.
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. PAIVIS intends 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 PAIVIS actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in 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 www.sec.gov.
Contacts:
Paivis, Corp.
Edwin Kwong
Interim Chief Executive Officer
Phone: 404-601-2885
www.paivis.com
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