/ CORRECTION - PayChest Provides Guidance on Distribution Network

VANCOUVER, BC , we are advised by the company that the fourth paragraph should read "The current list of distributors and brokers under contract with CET are as follows:" rather than "The company's current worldwide distribution network includes both exclusive and non exclusive contracts with local representation within the following countries/territories/clients:" as originally issued. Additionally, the bullet points that follow have been revised to exclude "Worldwide" before "Wal-Mart" and to re-explain the U.S. territorial distribution. Complete corrected text follows.

PayChest Provides Guidance on Distribution Network

VANCOUVER, BC -- May 29, 2008 -- PayChest, Inc. (PINKSHEETS: PYCT), 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 (Consolidated Ecoprogress Technology Inc.) 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 CET, PayChest benefits from distribution sales from all the existing distribution networks in partnership with CET. PayChest will be responsible for manufacturing of all products sold.

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 current list of distributors and brokers under contract with CET are as follows:

--  USA: National distribution to retailers includes: Wal-Mart, Kmart,
    Safeway, CVS, Walgreens, and Target
--  Distribution contracts in the South Eastern USA include, Rite-Aid,
    HEB, 7-11 Corporation, Whole Foods and cruiselines. Other distribution
    contracts cover the Army and Air Force Exchange Services (AAFES) Worldwide
    and Navy Resale and Services Command (NEXCOM) Worldwide
--  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

Paychest (CE) (USOTC:PYCT)
Historical Stock Chart
From Jun 2024 to Jul 2024