PayChest Provides Update on Spin Off
July 19 2011 - 10:37AM
Marketwired
PayChest, Inc. (the "Company") (PINKSHEETS: PYCT) is pleased to
provide an update on the spin off and stock dividend of the
Company's Oregon subsidiary (PayChest Oregon).
PayChest Oregon has already been issued a Cusip number for the
stock dividend. An Information Statement is being prepared as a
requirement for the listing and trading of securities in the
separate Oregon company.
Along with the recent completion of the DTC share certificate
audit and the appointment of Transfer Online, the Company is making
good progress towards the execution of this spin off.
The Company has also been working with existing and potential
business partners to create a separate profitable public company.
Management are in negotiations with several groups to achieve this
with the goal of increasing shareholder value. Announcements on
specific business developments will be made at the appropriate
time.
The Company anticipates changing the name of PayChest Oregon to
reflect the direction of this business and distinguish it from its
Arizona parent. A new website address has been secured in
anticipation of this with the intention of changing the name after
the spin off is completed.
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 Oregon is preparing to be spun off from its Arizona
parent as a stock dividend.
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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