British Columbia Regulator Orders British Columbia Cease Trade
August 15 2011 - 11:23AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT)
PayChest, Inc. ("PayChest"), an Arizona corporation is informing
the market that the British Columbia Securities Commission
("BCSC"), has ordered a halt to trading in PayChest common stock in
British Columbia, Canada.
This cease trade order only affects shareholders resident in
British Columbia, Canada. It does not restrict shareholders
resident in other Canadian provinces, or residents of the USA, or
other jurisdictions.
In a notice to PayChest dated 9 August 2011, the BCSC alleges
that PayChest failed to file certain annual and quarterly reports
allegedly required by a recent British Columbia law (BCI 51-509,
enacted 2008).
PayChest denies that it is subject to regulation by the BCSC,
including, without limitation, the filing of any reports with the
BCSC.
In response to the allegations, PayChest has provided the BCSC
with the following information:
1. PayChest is an Arizona corporation with offices in California
and Hong Kong. It has been in existence since 2000; eight (8) years
before the BC government enacted this legislation. It is not a
Canadian company 'gone south' and renamed or reconstituted in order
to evade regulation by the BCSC or any other Canadian regulatory
body.
2. The shareholder lists as of April 2011 show that less than 1%
of our shareholders reside in BC and cumulatively they own less
than 1% of the Company's common stock. They own no preferred
shares, convertible notes, or other instruments, nor does any
beneficial owner of such preferred shares, notes and/or instruments
reside in Canada.
3. PayChest is a non-reporting issuer whose common stock is
quoted on the OTC Markets.
4. PayChest has never been incorporated anywhere other than
Arizona. It does not have any Canadian corporation as a predecessor
in fact or in law.
5. PayChest does not now, nor has it ever had, an office in
British Columbia or anywhere in Canada.
6. PayChest's president is an Australian citizen based in Hong
Kong S.A.R., Peoples Republic of China.
7. PayChest no longer has any director who is a resident of
Canada.
8. Intellectual property being implemented by PayChest is not
owned or held in or by a Canadian corporation or resident.
9. Intellectual property being implemented by PayChest was not
developed in Canada.
10. PayChest does not have any manufacturing anywhere in Canada,
and has no future plans to manufacture in Canada.
11. PayChest has arrangements with two (2) investor relation
services contractors. One is US based; the other firm is based in
British Columbia. PayChest has given contractually agreed 3 months
notice of termination of relations to the Canadian contractor.
12. PayChest's historical financial statements are, and have
been in all relevant times, available on the website of OTC
Markets.
PayChest has respectfully requested a formal withdrawal of these
claims by the BCSC.
PayChest has reserved the right to seek damages should the
attempts of a foreign provincial government to promote
extra-territorial jurisdictional claims against the Company cause
any loss.
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 of subsidiary PayChest (Oregon)
PayChest Oregon is preparing to be spun off from its Arizona
parent as a stock dividend.
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.
Contact: PayChest, Inc. ir@paychest.com Tom Hands: 604-628-1984
from overseas: +1-604-628-1984 Tobie Oliver: 1-800-624-7479 from
overseas: +1-714-274-7206
Paychest (CE) (USOTC:PYCT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Paychest (CE) (USOTC:PYCT)
Historical Stock Chart
From Jul 2023 to Jul 2024