SOURCE: PayChest Inc.

September 15, 2011 11:19 ET

PayChest Confirms Funding; Completes Move to Transfer Online

HONG KONG--(Marketwire - Sep 15, 2011) - 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 ( 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

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.

    Tom Hands:
    from overseas: +1-604-628-1984

    Tobie Oliver:
    from overseas: +1-714-274-7206