PayChest: Share Buyback Continues
02 December 2011 - 1:00AM
Marketwired
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: 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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