SOURCE: PayChest, Inc.

February 07, 2007 10:19 ET

PayChest -- Financial and Transfer Agent News Release

HUNTINGTON BEACH, CA -- (MARKET WIRE) -- February 7, 2007 -- PayChest Inc. (PINKSHEETS: PYCT) today provided updates regarding the company's financial reporting and stock transfer agent appointment. The company released a re-statement of the third quarter financials for 2006, to provide updated capital contribution disclosures, previously omitted and to provide clarity on inquiries made by the Securities and Exchange Commission. The financial reports are currently posted on the Pinksheets website, www.pinksheets.com. Fourth quarter results are scheduled to be released by February 15, 2007.

The company also announced the appointment of Holladay Stock Transfer Company of Arizona, as the new stock transfer agent. Prior to providing Holladay with a complete list of shareholders, management is conducting a full stock audit. The negotiation for the return of the shares to the treasury is also being finalized.

Mr. Pillay, PayChest's CEO, stated, "The initial share reduction as a result of our audits and negotiations will add immediate value to our shareholders. I will continue to negotiate the return of further shares to the treasury, using PayChest's existing non-strategic assets. The fourth quarter financials will reflect the results of actions taken to reduce expenses, curb stock issuance and pave the way for 2007."

About PayChest

PayChest and its strategic partner companies have developed an integrated online payment processing platform utilizing cutting edge technologies to deliver payment solutions online. These payment processing solutions include turnkey payment facilitation for credit and debit cards, electronic checks, money transfer solutions, gift cards and turnkey rewards based systems.

New management within PayChest is focused on innovative and tangible products, improving the online financial experience for online consumers and e-commerce businesses worldwide. To fulfill this obligation, the new management has marked significant timelines over the next few months to streamline operations, with a focus on integrating backend transaction processing infrastructures scalable to new payment technologies and marketing opportunities.

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," 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.

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