SOURCE: PayChest Inc.

July 13, 2011 10:10 ET

PayChest Appoints Transfer Online as Transfer Agent

HONG KONG--(Marketwire - Jul 13, 2011) - PayChest, Inc. (PINKSHEETS: PYCT)

PayChest Inc. (the "Company") is pleased to announce it has signed the first of several contracts and made first payment to Transfer Online as the first steps in moving its transfer agent activity.

This is the first time the Company has engaged a transfer agent that is regulated by the Securities & Exchange Commission and is another step in the cleanup of Paychests' administration.

Following the completion of the recent DTC Stock Certificate Audit, announced June 20, 2011, the Company has signed the contract with Transfer Online in the confidence that its stock certificate records have been validated. That audit reconciled common stock certificates issued by the Company with the register of the Depository Trust Company, and certificates on the Company's central register that are held by bona fide shareholders.

The DTC audit is an important, and timely tool for the new management team as it improves upon existing fiscal control and record-keeping, in anticipation of the planned stock dividend/spin-off.

Engaging Transfer Online immediately following the audit provides a clear control point and solid foundation ready for the upcoming share dividend and spin off of Paychest Oregon.

Transfer Online, Inc. (transferonline.com) is a well established transfer agent service that is based in Portland, Oregon.

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 Information

  • 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