SOURCE: PayChest, Inc.

September 22, 2015 09:00 ET

PayChest Restructures Balance Sheet

HONG KONG, CHINA--(Marketwired - September 22, 2015) - PayChest, Inc. (OTC PINK: PYCT) is pleased to announce that the Company has completed a number of write-downs and write-offs aimed at restructuring the Company’s financial position to better represent its on-going business. The second quarter financials, scheduled for release in the next several days will reflect these changes.

Items or documentation eliminated or now reported with zero value include assets purportedly under the control of prior management that were not delivered to new management or are inconsistent with the Company’s current business plan. Documentation that support claims to a part of the accumulated deficit were also not delivered and have been written down.

In addition, upon advice of legal counsel, the Company has removed a convertible debt for $600,000 ostensibly assigned via a third party to Lawson Pillay, the prior President. The Company believes that the purported debt is a fictitious, non- legitimate debt, without consideration and unenforceable.

The result is a balance sheet that better reflects the Company and its current focus on the Mibella product range.

The restructuring of the Balance Sheet is a continuation of the Company's efforts to improve disclosure and housekeeping.

We expect to make an announcement shortly as to when we expect commercial production of the Mibella® product to begin.


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

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.

Historical news releases on the Company can be found at

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