My digital forensic analysis (levels adjustment):

I'm not certain about the last letters, but I'm sure there is a small צ (between the ח and first צ) and a descender under the first letter. The descender could have resulted from having been folded against the first letter, but there is no evidence of other letters transferring. 

ץאא חצצ’'צ בוריץ

![][1]  


Maybe the חצ"צ stands for :
חילי צבא צ'כוסלובקיה
(The Soldiers of the Army of Czechoslovakia or a Soldier in the Army of Czechoslovakia)

  [1]: http://i.stack.imgur.com/3gSzk.jpg