PAYCHEST ANNOUNCES ITS FIRST VOLUNTARY BUYBACK PROGRAMNov 27, 2007
Pink Sheets News Service
Huntington Beach, CA— PAYCHEST ANNOUNCES ITS FIRST VOLUNTARY BUYBACK PROGRAM
HUNTINGTON BEACH, CA--(MARKET WIRE)--Nov 26, 2007 -- PayChest Inc. (Other OTC:PYCT.PK - News) PayChest today announced a voluntary buyback offer to shareholders who own at least 20 million common shares that were purchased on the open market, prior to November 2007. This offer follows shortly after the lifting of a PYCT chill that was placed by the DTC, while conducting a stock audit that commenced over three months ago. Both parties have concluded a atisfactory audit and the PYCT chill has been officially lifted by the DTC, which makes PYCT compliant with the DTC.
Participating Shareholders will be paid $.0001 per common share of PayChest (trading Symbol PYCT) for this round of the voluntary buyback. This buyback value was chosen as an average pps over the past 90 days. The buyback offer is valid until December 3rd, 2007 16h30 PST, and is open to all shareholders who own a minimum of 20 million shares that have been acquired in the open public market, prior to November 2007. All non-participating and non-qualifying shareholders can choose to sell their stock on the open market without restriction.
Shareholders who would like to participate in the voluntary buyback program may do so by emailing PayChest at buyback1@paychest.com by December 3rd, 2007 16h30 Pacific Standard Time. Instructions regarding the buyback program will be forwarded to those shareholders interested in the voluntary buyback initiative.
The company announced the buyback program for the following reasons:
1. The buyback allows older and disgruntled investors with larger stock positions, the opportunity to exit their entire portfolio in one easy transaction.
2. A successful buyback can reduce the float significantly. This has been one of the longer term objectives of the company and the company will continue to find positive ways to achieve this.
3. A successful buyback can contribute towards reducing the volatility and possibly increasing the pps and long term shareholder value. It will also encourage and attract our strategic partner and affiliate companies, globally.
4. The company can fund some of the future projects with the "buyback stock" which will be held as treasury stock for the longer term, as needed. This will avoid or minimize the need to further increase the outstanding share count, thereby preventing future dilution.
About PayChest
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 a rewards based platform 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.
Contact:
Contact:
PayChest, Inc.
Investor Relations
1-800-624-7479
The above news release has been provided by the above company via Pink Sheets News Service. Issuers of news releases and not Pink Sheets are solely responsible for the accuracy of the such news releases.
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