PayChest Inc. End of Year Corporate Update
December 21 2010 - 12:39PM
Marketwired
PayChest Inc. (Arizona) (PINKSHEETS: PYCT) President Peter Coorey
issued the following letter to shareholders:
Dear Shareholders
I would like to share our thoughts and plans for PayChest
Inc.
After an extended period at the helm Lawson Pillay left the
company in October. We wish him success with future ventures.
The new management team has been diligently working on returning
the company to structural and regulatory health. I am very pleased
to announce that PayChest is now fully compliant with State,
Federal and Pink Sheet reporting requirements.
To achieve compliance, we have:
- Updated statutory address information with the State of
Arizona
- Completed and filed financial information as required by Pink
Sheets bringing all financial information up to date. Company
filings can be found on the Pink Sheets website
- Filed updated director and corporate information on Pink
Sheets
The financial data has taken some time to unravel, and we
continue to investigate and clarify matters as they were presented
to the new management team.
New management intends to continue the approach of no reverse
split, for the foreseeable future.
A default judgment was imposed upon the company on March 6,
2009. The judgment resulted in the petitioning party being awarded
US$4 million. A third party recently secured favourable settlement
terms providing PayChest a cost effective solution that will, once
settled and repaid, be free of any further impediments to the
commencement of operations.
Having removed the various obstacles to progress I am happy to
report that the company is now taking forward steps to turn
PayChest into a living, growing, cash flow business.
Management sees great opportunity in the FMCG (Fast Moving
Consumer Goods) segment for the Flushaway® branded suite of
products. The market for these unique products locally and
internationally is extensive. With a unique product that is price
competitive with major products of lesser features, we anticipate
healthy market penetration. Early discussions with potential
contract manufacturers, suppliers and distributors have proven
positive. News releases will be disseminated as events
materialize.
There is an expanded investor relations team in place, ably led
by the experienced Tom Hands. Tom can be contacted at
http://www.paychest.com/investors.htm.
Our sales team has added Ms Tobie Oliver and is making progress
with potential future clients.
http://www.paychest.com/investors.htm
Those who follow PayChest closely will notice both the PayChest
and Flushaway web sites have recently been re-commissioned and
updated. (www.paychest.com & www.flushaway.com)
We have test manufactured sample products; the tests
successfully created product to our specifications. We have started
distributing samples to shareholders, with the majority going to
our potential future clients. We have received a level of
acceptance that has been most encouraging. Further news on this
will be furnished at the appropriate time.
Whilst there are opportunities to further develop the product to
enter the growing seniors market, management plans to focus on
flushable and biodegradable pads and liners until such time as this
stream is perfected. Demographical data indicates this will also be
a substantial future market segment as the developed worlds'
population ages.
Before I joined the management team I performed some very simple
research. To every potential user of the product, I explained the
convenience the product afforded, the removal of the embarrassment
factor, and the environmentally friendly nature of Flushaway®.
Without exception, every person I spoke to said they would use
this product.
Peter Coorey President PayChest Inc.
About PayChest (Arizona) PayChest, a global marketing company
and developer of technology solutions and its strategic partner
companies, market and distribute select products and services
worldwide, which provide an increased public awareness to conserve
and preserve the world's limited resources.
About the proposed dividend PayChest (Oregon) PayChest and its
strategic partner companies are developing integrated commerce
processing solutions utilizing cutting edge technologies to deliver
in store, online and mobile solutions globally. These include
turnkey point of sale solutions, gift and loyalty portal systems,
ACH electronic systems, online and mobile payment platforms and
rewards-based platforms to integrate into an existing business
system.
Safe Harbor Statement The foregoing press release contains
forward-looking statements. For this purpose any statements
contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, words such as "may," "will,"
"expect," "believe," "anticipate," "estimate," "continue," "can" or
comparable terminology are intended to identify forward-looking
statements. These statements by their nature involve substantial
risks and uncertainties and actual results may differ materially
depending on a variety of factors.
PayChest contact: ir@paychest.com 1-800-624-7479
604-628-1984
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