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PAVC-
Dec 12th-Paivis, Corp. (PINKSHEETS: PAVC) ("Paivis" or the "Company") today announces the Company expects to finalize the recently announced spin-off into another public company by January 31, 2009.
The Company looks forward to making a joint announcement, with the public company we are in discussions with, as early as the end of this year. The Company has made significant progress on its spin-off plans and believes it can meet this timeline. As stated previously, management is committed to providing shareholder value in this challenging economic environment. The Company's reasons for executing a spin-off transaction of this type include among other things, to dividend the shares of this new public company to Paivis' existing shareholders and to take advantage of strategic opportunities without taking on additional debt. The spin-off company is planned to be a part of Paivis' operations, which may include one of its planned acquisitions. The Company will provide further details of the spin-off plan as developments occur. 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. FORWARD-LOOKING STATEMENTS |
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