PayChest: 2011 Year End Corporate Update
29 December 2011 - 4:05AM
Marketwired
Paychest, Inc. (PINKSHEETS: PYCT)
Dear Stakeholders
During the year the management team at Paychest has been quietly
but diligently working towards two major goals:
- Improved corporate governance and timely financial
reporting
- Commercial production and market readiness of our unique
flushable and biodegradable suite of sanitary products
We have aspired to establish the Paychest corporate name at an
elevated standard, where the stakeholders are able to trust the
financial and other statements of the Company. My 2010 end of year
statement mentioned that the "financial data as presented to the
new management team has taken some time to unravel, and we continue
to investigate and clarify matters as they were presented."
Although this is an ongoing process, after much work we now have
the Company filings and financial reporting structured and being
prepared independently. We have also been able to meet the stock
certificate audit standards of DTC and are now supported by an SEC
recognized and approved transfer agent; both are significant steps
towards market trust.
For the coming year we will be able to devote more time and
human resources to the business of business, with most if not all
of our significant obstacles removed. We are optimistic about our
product and its ability to carry itself into the market.
We have made some significant progress in a number of crucial
areas relating to production and sales and are now seeing these
labors coming to fruition. These include the re-branding and
repackaging of the product which will be announced shortly,
commencement of production, establishment of marketing and
distribution networks, raising of development capital, with the
next step being purchase orders in hand, which we believe to be
imminent -- stay tuned for an announcement in the near future.
We intend to devote ourselves to driving sales and revenue for
the Company, and to ramping production output to meet anticipated
demand.
The statement below tells you in dry terms about our milestones
and aims. It will not tell you the confidence the management team
has in our ability to make Paychest a viable and substantial cash
flow business.
Wishing you and your families a safe and Happy Festive Season,
and a prosperous and healthy New Year.
Pete Coorey President and CEO
PayChest 2011 Year End; Review & Plan
During 2011, PayChest achieved a number of significant
milestones that have transformed the Company. Those milestones are
as follows
- Started Commercial Production of the Flushaway® product line
following successful research, test and sampling
- New sales distribution agent for North America led by a senior
manager who was previously with Kimberly-Clark, Peru
- A legal judgement of March 2009 for $4,000,000 was settled for
$25,000 total and a separate judgment from April 2006 lapsed and is
now not enforceable. They occurred before this management came
in
- Obtained production and marketing funding in excess of
$500,000. LiAni Holdings of Hong Kong, a private investment group
has agreed to continue funding
- Share buyback has begun with a share reduction already
occurring. This buyback will continue
- This buyback followed a DTC share certificate audit to verify
the shares outstanding. This audit was done to comply with
Depository Trust Company eligibility
- Following DTC eligibility the Company hired an SEC recognized
transfer agent, Transfer Online, Inc.
- Hired Veronica Kuch, an independent accountant, to prepare the
Company's financial statements (Kuch Consulting -
www.vjkuch.com)
- Started the process for developing a sister brand to complement
Flushaway®. Studies have shown that the Flushaway® name may not be
well received in certain markets. This is much like the car
companies who may sell the product under a different name. A new
product brand name has already been identified, trademark
applications are in progress, and a new internet URL
registered.
- New packaging has been completed
During the 2012 calendar year the Company is aggressively
planning the following:
- The Company is currently negotiating several Purchase Orders.
When completed an announcement will be made
- The Company plans a name change to better reflect the
underlying business as well as a symbol change
- Completion of the proposed dividend. Currently, the holdup is
documentation that has not been received by the Company from former
management. Management is taking steps to recover these
documents.
- Website improvements for the new brand are planned
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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