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JPHC and APOA merged to form Paivs, Corp..
ATLANTA, GA--(MARKET WIRE)--May 18, 2006 -- Paivis, Corp. (formerly known as APO Health, Inc.) ("PAIVIS" or the "Company") (OTC BB:APOA.OB - News) today announces corporate development plans, and effective Friday May 19, 2006 Paivis will have a new ticker symbol, (OTC BB:PAIV.OB - News).
In an effort to prepare the Company for a plan to pursue a listing on NASDAQ or AMEX, the Company has commenced the implementation of an extensive corporate development plan. The Company's new management feels it is important to make quick decisions that will enhance the corporate structure and Paivis' ability to produce growth and earnings. The corporate development plans will include but not be limited to the following:
The re-development of the Company's business plan that, once complete, will showcase a streamlining of the Company's business lines and strategy around prepaid technologies and telecom-based services. Paivis plans for a reduction of debt through numerous efforts, including the recent sale of the APO Health subsidiary. This sale not only reduced significant liabilities from the Company's balance sheet, but will also save the Company exposure to multimillion dollar lawsuits that were pending against that entity.
The Company's new management and board of directors have decided there will be no spin-off of its entertainment interests. Instead the entertainment interests will be restructured or divested in due course, if viable. Paivis also plans to execute a reorganization of the Company's corporate holding structure whereby any dormant or non-performing business units or subsidiaries will be divested or discontinued and dissolved when feasible. The Company plans to additionally focus on securing financing to fund growth and acquisitions.
In addition, new management team executives will be brought in, along with new advisors and board members. Furthermore, the Company will implement a comprehensive corporate governance plan to guide the management and board in reaching its business and operational goals.
Gregory L. Bauer, New President and Chief Executive Officer of Paivis, commented: "We plan to work diligently to achieve a listing on NASDAQ or other securities exchange such as AMEX and our corporate development plans will be a key aspect in achieving that goal. We look forward to activating our plan and believe its successful execution will reap significant benefits over the long term for the Company and its shareholders."
Although the Company's plans include making application for a listing on a national securities exchange in the future, no assurances can be given that any listing application will be approved or that the Company will meet the listing criteria for such applications in the future.
For more PAIVIS information please contact:
Paivis Shareholder Services
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