SOURCE: PayChest Inc.

June 20, 2011 11:30 ET

PayChest Completes DTC Stock Certificate Audit

HONG KONG--(Marketwire - Jun 20, 2011) - PayChest, Inc. (PINKSHEETS: PYCT)

PayChest Inc. (the "Company") is pleased to announce it has received confirmation that it has completed a common stock certificate audit with the DTC (Depository Trust Company). The audit's purpose is to reconcile physical certificates issued by the Company and on the register of DTC and certificates on the Company's central register that are held by bona fide shareholders.

The audit and reconciliation identified certain PayChest certificates issued between 2005 and 2008 that were not accounted for correctly. The Company will increase the reported issued and outstanding shares to 22,374,345,625 (an increase of 124,014,285 or about 0.55%) upon the publication of the next financial statements (March 2011) planned for filing this week.

No new shares have been issued and the higher recorded share count following this audit reflects an improvement in accounting of shares already issued.

While this is the true share count of issued and outstanding shares of the Company, the number of shares in circulation may differ due to market maker activities independent from the Company. Market makers are third party entities that create a trading platform for the Company's shares to be traded. They post bids and/or offers for the Company's shares.

The DTC audit is an important 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.

The completion of this audit allows the Company to be DTC eligible enabling the Company to move its Transfer Agent activity to a new service provider that is recognized and regulated by the Securities & Exchange Commission.

The Company plans to engage a new Transfer Agent, prior to the spin-off of the Oregon subsidiary, to ensure the stock dividend process is closely controlled while being expedited as quickly and accurately as possible.

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 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