PayChest Confirms Funding; Completes Move to Transfer Online
September 15 2011 - 11:19AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to
announce it has received confirmation of continued funding from its
group of investors and lenders as led by Liani Holdings Ltd.
(collectively referred to here as "Lenders & Investment Group"
or "LIG") and has completed the move of its transfer agent service
to Transfer Online (www.transferonline.com). Transfer Online is the
first SEC regulated transfer agent engaged by the Company.
Under an arrangement with LIG, the Company will continue to
receive financial support subject to making a temporary increase in
the authorized common shares. This allows LIG to convert some of
their preferred shares into common stock, with a conversion price
of at least $0.0001 per share, and take advantage of the current
low market price.
Funds provided by LIG will be used for production and
marketing.
Accordingly, the Company has increased its authorized common
stock from 25 billion to 28 billion and plans to reduce authorized
back to 25 billion later. The plan is to buy back issued shares
over 25 billion when cash permits and is flowing into the
business.
Some in LIG have recently taken advantage of the current low
market price and converted their preferred shares. As of today's
date the number of issued common shares is approximately 24.9
billion.
The temporary increase in authorized capital does not change the
Company's position when answering shareholders questions about a
reverse split. The Company has stated many times and maintains that
a reverse split is detrimental to shareholder value.
Transfer Online can be contacted at: Transfer Online, Inc.™ 512
SE Salmon Street Portland, OR 97214 Tel: 503.227.2950
www.transferonline.com
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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