PayChest Provides Guidance on Distribution Network
May 29 2008 - 4:14PM
Marketwired
VANCOUVER, BC , an integrator of commerce platform solutions and
a strategic marketing company, today announced that due to numerous
inquiries through Investor Relations, PayChest management addressed
the current distribution network in place with CET and further
addressed the company's funding strategy over the next few
months.
Under the terms of its acquisition of the worldwide rights for
Flushaway products, that it entered into on May 7th, 2008 with
Flushaway, PayChest benefits from distribution profits from all the
existing distribution networks in partnership with CET.
All new distribution and marketing partners contracted directly
by PayChest since the 7th of May, 2008, will be handled directly by
PayChest and CET will receive a royalty fee from these deals.
The company's current worldwide distribution network includes
both exclusive and non exclusive contracts with local
representation within the following
countries/territories/clients:
-- USA: South Eastern USA, Western USA (Large retailers and organizations
are under exclusive contracts with Flushaway distributors. Distribution to
retailers include: Worldwide Wal-Mart, Kmart, Safeway, CVS, Walgreens,
Target, 7-Eleven, Whole Foods and Rite Aid. Distribution to other
organizations includes: Army and Air Force Exchange Services (AAFES)
Worldwide Navy Resale and Services Command (NEXCOM))
-- Southern Africa: Exclusive rights to the Territories of South Africa,
Botswana, Zimbabwe, Lesotho, Swaziland, Namibia and Mozambique
-- Jamaica: Exclusive rights to the Caribbean Island of Jamaica
-- Australia: Exclusive rights to Australia
-- Middle East and North Africa: Exclusive rights to Algeria, Bahrain,
Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Mauritania,
Morocco, Oman, Palestine (Palestinian Authority), Qatar, Saudi Arabia,
Syria, Sudan, Tunisia, United Arab Emirates, and Yemen
-- Canada: Exclusive rights to Safeway Canada
-- China: Exclusive rights to Hong Kong, Macau, Taiwan, Guangdong. Note
the return of Taiwan is being negotiated.
The company further added that additional distribution
agreements are currently under way for Central Africa, India,
Brazil, Japan, Vietnam and the EU.
With respect to funding of its recent acquisition, the company
will utilize private sources of funding and is exploring additional
financing options.
About PayChest
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. Investor Relations 1-877-525-5170
ir@paychest.com
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