SOURCE: PayChest Inc.

September 21, 2011 11:54 ET

PayChest Completes Payment on Judgment Settlement

HONG KONG--(Marketwire - Sep 21, 2011) - PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to provide an update on addressing judgments filed against the Company in Arizona. With the announcement of September 15th confirming continued funding, the Company is providing this update before beginning commercial production of Flushaway®. Both judgments reported below were filed against the Company while under prior management.

In March 2009, a party received a default judgment of $4,000,000 against the Company. The Company agreed to settle this matter and final payment was made today, in accordance with the previously negotiated settlement agreement, bringing the total paid to $25,000. Under the agreement, counsel for the judgment holder will file a satisfaction of judgment and the matter will be considered closed.

Further, in April 2006, a judgment was awarded to a group of plaintiffs against Mellon Research Inc. (now PayChest) for a total of less than $195,000. Under Arizona law a judgment needs to be renewed every five years. In the absence of a renewal, this judgment lapsed in April 2011 and is now of no effect.

This addresses all known outstanding judgments against the Company.

About PayChest

PayChest, Inc. is a global marketing company and developer of technology solutions; with its strategic partner companies, PayChest markets and distributes 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)

Management plans to spin off PayChest Oregon 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