SOURCE: Paychest Inc

February 16, 2012 09:00 ET

PayChest Reiterates No Reverse Split

HONG KONG--(Marketwire - Feb 16, 2012) - PayChest, Inc. (PINKSHEETS: PYCT)

PayChest Inc. (the "Company") is providing an update to address the most common shareholder question and restate, that there is no reverse split planned in the foreseeable future.

The Company has consistently maintained this position, and stated this in many of its financial reports over the last four years. Reverse splits usually reduce shareholder value.

As announced on November 14, 2011, the Company is continuing to buy back shares and has recently repurchased a further 100 million common shares as part of the share buyback program (total 300 million) to reduce the shares outstanding. The shares are being repurchased at current market prices. The buyback program was planned to last three (3) months although Management may continue at the Company's discretion.

PayChest's transfer agent, Transfer Online, will be notified of the latest share buy back and the Company share information should be updated and reported in the next two weeks pending the receipt of certain paperwork. The change to the issued and outstanding shares will be posted on the company website www.paychest.com and www.pinksheets.com when this is complete.

The shares reported outstanding as of today are 27.68 billion shares, which at yesterday's close price of $0.0001, gives the Company a market capitalization of $2.7 million.

Patent and research costs over the life of the Flushaway product line are in excess of $10,000,000. Not included in this number are additional costs of new research and development work and product trials carried out for PayChest. The company is of the opinion that these patents and ownership of the new Mibella brand will deliver significant value going forward.

Commercial production is already underway and the Company is in negotiations for purchase orders as announced on February 10, 2012.

NOTES ABOUT FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials.

Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.

Source: PayChest Inc.
Historical news releases on the Company can be found at http://www.paychest.com/news.htm.

Contact Information

  • Contact:
    Paychest, Inc.
    ir@paychest.com

    Tom Hands
    1-416-619-5242
    from overseas: +1-416-619-5242

    Tobie Oliver
    1-800-624-7479
    from overseas: +1-714-274-7206