Post by bg317 on May 8, 2007 21:30:14 GMT -5
May 8, 2007 - 1:27 PM EDT Paivis, Corp. Provides Update on Stock Transfer Agent Transition
Paivis, Corp. (Paivis or the Company) (OTCBB:PAVC) is updating its shareholders on certain corporate activities and developments related to its continuing efforts to take remedial action against its former stock transfer agent and to enable the new stock transfer agent to commence agency activities on the Company’s behalf.
The Company has completed its transition to the new transfer agent, Corporate Stock Transfer, Denver, Colorado; they are now able to fully commence agency activities on the Company’s behalf and already have done so.
Paivis’ new stock-transfer agent has confirmed to the Company that it has obtained all necessary stock-transfer records. The new stock transfer agent has also made significant headway in clearing up the issues at hand and will deal with any additional issues as they arise; management anticipates that the delays and confusion that the Company’s shareholders have experienced since its merger with Jupiter Global Holdings Corp. (Jupiter) should be alleviated within the next 10 business days.
Specifically, Paivis’ management requests that the former shareholders of Jupiter notify their broker-dealer to contact Corporate Stock Transfer, the new stock transfer agent, to aid in expediting the delivery of their replacement Paivis certificates. A number of broker-dealers have not yet contacted the new transfer agent despite communication that has been made on behalf of the Company. Any further delays in communication and cooperation from the broker-dealers representing Jupiter shareholders may result in additional setbacks in issuing replacement Paivis shares to the shareholders of those broker-dealers.
The Company is working closely to execute all open matters related to the issuance of certificates and expects the process to be completed within the next 10 business days.
Shares of the Company’s common stock issued and delivered after December 29, 2006 counter-signed by Executive Registrar are deemed to be unauthorized and will be canceled when presented to the new stock transfer agent, as that is the effective date of termination of Executive Registrar as the Company’s agent. This does not mean the Company’s shareholders will not receive all shares they are entitled to; rather it means that the Company’s terminated stock transfer agent had no legal authority to issue shares after December 29, 2006.
The Company wishes to thank all of its shareholders for their patience and understanding, and it will continue to serve its shareholders with the same diligence it has used to remedy these problems. Management has determined that the issues that have arisen from the Company’s former stock transfer agent required aggressive corrective measures in order to protect the integrity of its stock transfer and issuance records.
Management looks forward to aggressively move the Company ahead on its corporate and operational goals for the benefit of the Corporation and in adding value for its shareholders.
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