Not only has it been clearly shown that John Banks helped himself to PYCT common shares through his Rich Capital, but he also holds the Intellectual Property (IP) cards for PayChest's survival by being associated with and a principle of Cardiff Bay Holdings. As such, PayChest is relegated to pay Banks significant monies on a technology license agreement for rights to use the CES Flushaway name and produce the feminine hygiene products. And, recently, Cardiff also has been identified as the entity filing for ownership of the new Mibella trademark, not PayChest, which is strange and yet very telling.
As when the original CES story played out, as soon as Banks has extracted the maximum money he possibly can from this latest go-around of the green product "story", he and Tom Hands (PayChest IR) can readily take it elsewhere and start the share selling scheme all over again (with a new front company name, new actors, and new toxic finance arrangements). What a deal! Maybe this story next will be moved to Euroland (the French might be receptive). I can see that Banks is no one's friend here, and so I do find it interesting that some are quick to defend him, almost as if being compensated to do so.
So, you have Banks controlling the product related IP, and Xinpro manufacturing, if it really exists, controlling the product manufacturing capability (film machines, tooling, and personnel). PayChest on the other hand has no full-time employees, no corporate headquarters (evidently uses ghost CEO Pete Coorey's apartment in Kong Kong for this function), and no cash per their financial statements. It's PayChest Oregon operation has been in dissolution since July 2012, and its old payment system is defunct and taken as a write off. In short, PayChest is just a shell company which has nothing except for something called Goodwill (holds little to no value to any other entity) and a bunch of shareholders. Well, that and a few other things like a massive O/S of close to 28 Billion shares, a two year old DTC Chill and CTO in BC Canada, and a STOP sign in the OTC Markets.
Is it no wonder Pete Coorey refuses to address the PYCT shareholder concerns and questions in a webcast. The question is if he even is still around, or if he decided to bail because of the obvious hardships with trying to resolve the issues of the never ending DTC Chill. This could explain why no 2013 financial report has been released, because there is no executive willing to sign off and certify the financial data as being accurate.
Oh well, just another day in the land of PayChest.
I do wish folks much luck and good day to all.
I am NOT a Financial Adviser. Nothing I post should be considered financial advice. I may be holding a long, short or no position. I am NOT compensated to post on here.
