SOURCE: PayChest, Inc.

August 23, 2013 09:00 ET

PayChest Special Shareholder Meeting Update

HONG KONG--(Marketwired - Aug 23, 2013) - PayChest, Inc. (OTC Pink: PYCT) (the "Company") held a special shareholder meeting on Friday, August 16, 2013 in Portland, Oregon. The objective of the shareholder meeting was to address certain corporate requirements and obtain shareholder ratification of certain actions by past officers and the prior Board of Directors, as part of the Company's plan to fix certain formal defects in its corporate structure and regularize the Company's position with market participants.

The Company achieved its objectives. All proposed resolutions were approved by shareholders, with most shareholders voting by proxy and one shareholder attending in person.

In addition to addressing corporate requirements to regularize the Company's relationship with securities market participants, Shareholders also approved:

1. A name change to better reflect the Company's current business model.

2. A change to the jurisdiction of incorporation from Arizona to Delaware or Nevada.

Work is underway to execute the resolutions adopted by the shareholders and continue to update our public information, facilitate the trading of the Company's shares by securities market participants and regularize our position with the Depository Trust Company. 

Shareholders and interested parties are encouraged to call or e-mail the Company and be put on the Company's e-mail list for upcoming news releases.

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