PayChest: First 100 Million Shares Retired in Buyback
19 November 2011 - 1:13AM
Marketwired
PayChest Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to
announce receipt of the first shares to be retired under the
recently announced share buyback program.
The Company has purchased and retired a first tranche of 100
million shares. For administrative reasons, the share count will be
reflected 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 these 100 million shares at the current
market price and plans to purchase more shares in coming weeks.
This purchase is the first step in a broader buyback program that
is planned to last 3 months. The duration is dependent on a number
of variables including the share price.
Following the recent announcement of commercial production the
Company is now focusing on sales with initial emphasis on North
America and Europe.
More details on the product can be found at
www.paychest.com.
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: 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
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