SOURCE: PayChest Inc.

December 01, 2011 09:00 ET

PayChest: Share Buyback Continues

HONG KONG--(Marketwire - Dec 1, 2011) - PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to announce receipt of a further 100 million shares being retired under the recently announced share buyback program.

Further to the reduction in issued and outstanding shares as of November 23rd, the Company has purchased a further tranche of 100 million shares. The lower share count will be reflected over the next week on the company website, www.paychest.com, www.pinksheets.com, and through Transfer Online, the company's SEC-approved transfer agent.

Companies typically buy back shares to increase shareholder value.

The Company purchased this 100 million shares at the current market price and plans to purchase more shares in coming weeks. This purchase continues the buyback program that is planned to last 3 months. The duration is dependent on a number of variables including the share price.

Now that the Company has commercial production, the Company plans a Comprehensive Corporate Update in the next few weeks.

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.

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