PayChest Reiterates No Reverse Split
17 February 2012 - 1:00AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT)
PayChest Inc. (the "Company") is providing an update to address
the most common shareholder question and restate, that there is no
reverse split planned in the foreseeable future.
The Company has consistently maintained this position, and
stated this in many of its financial reports over the last four
years. Reverse splits usually reduce shareholder value.
As announced on November 14, 2011, the Company is continuing to
buy back shares and has recently repurchased a further 100 million
common shares as part of the share buyback program (total 300
million) to reduce the shares outstanding. The shares are being
repurchased at current market prices. The buyback program was
planned to last three (3) months although Management may continue
at the Company's discretion.
PayChest's transfer agent, Transfer Online, will be notified of
the latest share buy back and the Company share information should
be updated and reported in the next two weeks pending the receipt
of certain paperwork. The change to the issued and outstanding
shares will be posted on the company website www.paychest.com and
www.pinksheets.com when this is complete.
The shares reported outstanding as of today are 27.68 billion
shares, which at yesterday's close price of $0.0001, gives the
Company a market capitalization of $2.7 million.
Patent and research costs over the life of the Flushaway product
line are in excess of $10,000,000. Not included in this number are
additional costs of new research and development work and product
trials carried out for PayChest. The company is of the opinion that
these patents and ownership of the new Mibella brand will deliver
significant value going forward.
Commercial production is already underway and the Company is in
negotiations for purchase orders as announced on February 10,
2012.
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.
Source: PayChest Inc. 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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