PayChest Completes DTC Stock Certificate Audit
June 20 2011 - 11:30AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT)
PayChest Inc. (the "Company") is pleased to announce it has
received confirmation that it has completed a common stock
certificate audit with the DTC (Depository Trust Company). The
audit's purpose is to reconcile physical certificates issued by the
Company and on the register of DTC and certificates on the
Company's central register that are held by bona fide
shareholders.
The audit and reconciliation identified certain PayChest
certificates issued between 2005 and 2008 that were not accounted
for correctly. The Company will increase the reported issued and
outstanding shares to 22,374,345,625 (an increase of 124,014,285 or
about 0.55%) upon the publication of the next financial statements
(March 2011) planned for filing this week.
No new shares have been issued and the higher recorded share
count following this audit reflects an improvement in accounting of
shares already issued.
While this is the true share count of issued and outstanding
shares of the Company, the number of shares in circulation may
differ due to market maker activities independent from the Company.
Market makers are third party entities that create a trading
platform for the Company's shares to be traded. They post bids
and/or offers for the Company's shares.
The DTC audit is an important tool for the new management team
as it improves upon existing fiscal control and record-keeping in
anticipation of the planned stock dividend/spin-off.
The completion of this audit allows the Company to be DTC
eligible enabling the Company to move its Transfer Agent activity
to a new service provider that is recognized and regulated by the
Securities & Exchange Commission.
The Company plans to engage a new Transfer Agent, prior to the
spin-off of the Oregon subsidiary, to ensure the stock dividend
process is closely controlled while being expedited as quickly and
accurately as possible.
About PayChest (Arizona)
PayChest, a global marketing company and developer of technology
solutions and its strategic partner companies, market and
distribute select products and services worldwide, which provide an
increased public awareness to conserve and preserve the world's
limited resources.
About the proposed dividend of subsidiary PayChest (Oregon)
PayChest and its strategic partner companies are developing
integrated commerce processing solutions utilizing cutting edge
technologies to deliver in store, online and mobile solutions
globally. These include turnkey point of sale solutions, gift and
loyalty portal systems, ACH electronic systems, online and mobile
payment platforms and rewards-based platforms to integrate into an
existing business system.
Safe Harbor Statement
The foregoing press release contains forward-looking statements.
For this purpose any statements contained in this press release
that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, words
such as "may," "will," "expect," "believe," "anticipate,"
"estimate," "continue," "can" or comparable terminology are
intended to identify forward-looking statements. These statements
by their nature involve substantial risks and uncertainties and
actual results may differ materially depending on a variety of
factors.
Contact PayChest, Inc. ir@paychest.com Tom Hands: 604-628-1984
from overseas: +1-604-628-1984 Tobie Oliver: 1-800-624-7479 from
overseas: +1-714-274-7206
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