PayChest Inc. Settlement Agreed for $4,000,000 Judgment
October 29 2010 - 2:11PM
Marketwired
Paychest, Inc. (PINKSHEETS: PYCT) has arranged and secured a
settlement of an existing $4,000,000 judgment against the Company,
subject to final payment.
The default judgment against Mellon Research Inc., (now known as
Paychest, Inc.) was awarded in March 2009 to Carter Care Centers
Inc.
The agreement to settle was secured by a third party and allows
for Paychest to fully address the settlement over time, for $25,000
plus third party costs and expenses. The third party has made an
initial payment, with the final payment due by September 2011. When
the final payment is made, Carter Care will release the
judgment.
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@flushaway.com
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