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NO, the DTCC STOCK AUDIT was completed in June of 2011 and the chill was put on April 2012. The chill was however put on 4 weeks after the company bought back 100,000,000 shares on the OPEN market and returned those shares to the DTC. CAN YOU SAY NSS, can you say 10 consecutive days of FTD'S.
So the DTCC completes STOCK AUDITS on scam stocks??? YA RIGHT!!! LMAO!!!!!!!!!!!!!
The DTCC would never do a stock audit if PYCT were a scam, and if it were a scam they would have shut it down DURING the STOCK AUDIT.
It's just plain silly to say PYCT is scam, totally absurd!
What is a company verified profile?
http://www.otcmarkets.com/stock/PYCT/company-info
The information in a company verified profile has been updated or confirmed by a representative of the OTCQX, OTCQB and OTC Pink company within the past six months. A "company verified" flag on the company's quote page indicates to investors that the information is current. Company representatives can learn how to verify their company's profile here.
In order to update company information, a company must first complete the contact information form below. OTC Markets Group may be in contact to verify data changes. If you are an OTCIQ.com subscriber, you must update your company information via www.otciq.com, a secure web portal for OTCQX, OTCQB and OTC Pink securities.
For companies that provide verified company profile, OTC Markets Group will provide this indication via a “company verified” flag on the company’s quote page.
Yes exactly, there are way too many things that add up to the fact that the company has something big here and they have not done what they have done for the last 5 years for .005. Notice that in the financials they talk about some of the insiders and their preferred shares and a conversion rate of .02. Meaning that is the value the insider put on the shares they are accepting for services or payment.
EXACTLY crazyjerry, you are 100% correct.
Tom Hands is still doing IR folks, the issue was British Columbia. That bogus BS and Tom's company was in BC. Tom shut it down and moved his office and is handling IR himself. You need to call Tom if you do not understand.....are you with me? get it? Call Tom if not. He is there doing IR for the company call the number listed at the bottom of every PR.
You had better read the BYLAWS, and $1.2 MILLION CONTRACT STILL VALID. And Negotiating 6 others, better read the latest financials.
That does not matter, what matters is they are a Container Shipping Company and they got paid 100,000,000 class A shares, probably for future services of shipping product.
Nothing else makes sense other than that!!
That brings up a very good question, why would PYCT give Blueland Shipping & Trading Ltd. 100,000,000 preferred class A shares?? if they are not going to ship product??
The fact is that Blueland Shipping & Trading Ltd. got the most shares out of anyone.
It's in the annual report dude, do your own DD.
Get the facts straight, it's Blueland Shipping &
Trading Ltd
NOPE! Just talked to him last week. And since his company is not doing the IR he is doing it personally so why bother putting anything in there?
Many others speak with him on a regular basis, stop leading on that he is gone.
PYCT added John Banks as a consultant.
Company Officers/Contacts
Peter Coorey President
John Banks Consultant
http://www.otcmarkets.com/stock/PYCT/company-info
We do have voting rights, see the bylaws that were created in the financials.
http://www.otcmarkets.com/stock/PYCT/filings
Company Verified Profile
On May 16, the Securities and Exchange Commission (SEC) updated their Compliance and Disclosure Interpretations confirming that the OTCQX® and OTCQB® marketplaces are now considered “established public markets” for purposes of establishing a public market price when registering securities for resale in equity line financings. Companies may now use their OTCQX or OTCQB marketplace designation to complete an equity line financing registration statement, and may rely on quotes published on our SEC-registered Alternative Trading System, OTC Link® ATS, to establish a public market price when raising capital.
The SEC’s decision comes after a decade of changes and improvements in technology, transparency and regulation in our marketplaces, and marks an important development for SEC reporting companies. The SEC’s May 16 Compliance and Disclosure Interpretation updating the Established Public Market policy is available. See Question 139.13.
http://www.otcmarkets.com/stock/PYCT/company-info
MARKET MAKERS ARE NOT FILLING BUY ORDERS
NOT TRUE, PUT AN ORDER IN AND TAKE A SCREEN SHOT AND 2 HOURS LATER POST IT. WRONG AGAIN LMAO!
BTW gtweb2021 uses Etrade Lakers
NOPE! WRONG AGAIN! Etrade would not fill either.
BIDS WERE IN ALL DAY WITH NO FILLS, WOWSA!
Of course they have to have an SEC Attorney deal with the chill. They cannot however do anything else such as;
- Help with and BUYOUT OR MERGER OR ACQUISITIONS OR provide opinion letter on "Current Information".
keep trying
Why do you keep saying that shareholders have no voting rights?
We do have voting rights, see the bylaws that were created in the financials.
http://www.otcmarkets.com/stock/PYCT/filings
Of course it does, they would never be paying to get financials done and paying their SEC attorney to deal with the DTC chill unless they have contracts. They are paying Tom Hands too. Look at their financials they have over $1,600,000+ in operating expenses since 2009.
Must have what they say they do.
You are wrong!
"why has the attorney not provided a Current Information letter"
If you did more DD you would see that when a company has a "Chill" on it, no Attorney or Transfer Agent can engage them.
Company Verified Profile
On May 16, the Securities and Exchange Commission (SEC) updated their Compliance and Disclosure Interpretations confirming that the OTCQX® and OTCQB® marketplaces are now considered “established public markets” for purposes of establishing a public market price when registering securities for resale in equity line financings. Companies may now use their OTCQX or OTCQB marketplace designation to complete an equity line financing registration statement, and may rely on quotes published on our SEC-registered Alternative Trading System, OTC Link® ATS, to establish a public market price when raising capital.
The SEC’s decision comes after a decade of changes and improvements in technology, transparency and regulation in our marketplaces, and marks an important development for SEC reporting companies. The SEC’s May 16 Compliance and Disclosure Interpretation updating the Established Public Market policy is available. See Question 139.13.
http://www.otcmarkets.com/stock/PYCT/company-info
We will see, one thing to keep in mind is that if there were nothing going on the company would never keep filing their financials and never keep paying their SEC Attorney to keep filing with the DTC. Also the fact that they just verified their information with the SEC because of the SEC's new established requirements means that they intend to move forward. The only shares that have a chill on them is the shares that were just converted recently by Liani Holdings, which is the same company that is funding PYCT. Now why would anyone want to stop the funding of PYCT???!!!! LMAO!!!
ANSWER: THE SHORTERS & THE DTC
Company Verified Profile
On May 16, the Securities and Exchange Commission (SEC) updated their Compliance and Disclosure Interpretations confirming that the OTCQX® and OTCQB® marketplaces are now considered “established public markets” for purposes of establishing a public market price when registering securities for resale in equity line financings. Companies may now use their OTCQX or OTCQB marketplace designation to complete an equity line financing registration statement, and may rely on quotes published on our SEC-registered Alternative Trading System, OTC Link® ATS, to establish a public market price when raising capital.
The SEC’s decision comes after a decade of changes and improvements in technology, transparency and regulation in our marketplaces, and marks an important development for SEC reporting companies. The SEC’s May 16 Compliance and Disclosure Interpretation updating the Established Public Market policy is available. See Question 139.13.
http://www.otcmarkets.com/stock/PYCT/company-info
Only the issuer can do that and PYCT will not because they know all the crooks (mm's) that have massive short positions on PYCT will all file lawsuits and it will be a big mess.
The company will beat the shorts with real business and products.
Then why cannot the DTC clear those last 100,000,000 shares the company bought back? DUH, of course there is a short.
ROTFLMAO!!! Where does it say that no NSS were found???? They would never release that info publicly.
NICE TRY!!!
We do have voting rights, see the bylaws that were created in the financials.
http://www.otcmarkets.com/stock/PYCT/filings
Then why and how did they get VERIFIED? LMAO!! keep trying
The DTCC confirmed every single share in the STOCK AUDIT.
Company Verified Profile
On May 16, the Securities and Exchange Commission (SEC) updated their Compliance and Disclosure Interpretations confirming that the OTCQX® and OTCQB® marketplaces are now considered “established public markets” for purposes of establishing a public market price when registering securities for resale in equity line financings. Companies may now use their OTCQX or OTCQB marketplace designation to complete an equity line financing registration statement, and may rely on quotes published on our SEC-registered Alternative Trading System, OTC Link® ATS, to establish a public market price when raising capital.
The SEC’s decision comes after a decade of changes and improvements in technology, transparency and regulation in our marketplaces, and marks an important development for SEC reporting companies. The SEC’s May 16 Compliance and Disclosure Interpretation updating the Established Public Market policy is available. See Question 139.13.
http://www.otcmarkets.com/stock/PYCT/company-info
We should see news within 2 weeks, FYI
We do have voting rights, see the bylaws that were created in the financials.
http://www.otcmarkets.com/stock/PYCT/filings
BY-LAWS
OF
PAYCHEST, INC.
ARTICLE I. NAME AND LOCATION
SECTION 1. The name of this corporation shall be PayChest, Inc..
SECTION 2. The Principal office of the corporation in the State of Arizona shall be:
c/o Keytlaw LLC
3001 E. Camelback Rd, Suite 130
Phoenix
AZ 85016
and its registered office in the State of Arizona shall be
Keytlaw LLC
3001 E. Camelback Rd, Suite 130
Phoenix
AZ 85016
The corporation may have such other offices, either within or without the State of Arizona as the
Board of Directors may designate or as the business of the corporation may require from time to
time.
ARTICLE II. SHAREHOLDERS
SECTION 1. Shareholder Meeting. Shareholder meetings will be held on the day and time
designated by the Board of Directors, for the purpose of electing Directors and for the transaction of
such other business as may come before the meeting. If the day fixed for the shareholder meeting
shall be a legal holiday in the State of Arizona, such meeting shall be held on the next succeeding
business day. If the election of Directors shall not be held on the day designated herein for any
annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall
cause the election to be held at a special meeting of the shareholders as soon thereafter as
convenient.
SECTION 2. Special Meeting. Special meetings of the shareholders, for any purpose or purposes,
unless otherwise prescribed by statute, may be called by resolution of the Board of Directors or by
the President at the request of the holders of not less than a majority of the votes of all the
outstanding preferred and common shares of the corporation entitled to vote on any issue proposed
to be considered at the meeting, provided said shareholders sign, date and deliver to the corporate
Secretary one or more written demands for the meeting describing the purpose or purposes for
which it is to be held. Only business within the purpose or purposes described in the meeting notice
required by Article II, Section 5 of these By-Laws may be conducted at a special shareholders
meeting. In addition, such meeting may be held at any time without call or notice upon unanimous
consent of shareholder votes.
SECTION 3. Place of Meeting. The Board of Directors may designate any place, either within or
without the State of Arizona unless otherwise prescribed by statute as the place of meeting for any
annual meeting or for any special meeting of shareholders. A waiver of notice signed by all
shareholders entitled to vote at a meeting may designate any place, either within or without the
Page 29 of 45State of Arizona, unless otherwise prescribed by statute, as the place for the holding of such
meeting.
SECTION 4. Notice of Meeting. Written or printed notice stating the place, day and hour of the
meeting shall be delivered not less than ten (10) nor more than sixty (60) days before the date of the
meeting, either personally or by mail, by or at the direction of the President, or the Secretary, or the
officer or persons calling the meeting, to each shareholder entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United States mail,
addressed to the shareholder at his address as it appears on the stock transfer books of the
corporation, with postage thereon prepaid. Notice of a special meeting shall include a description of
the purpose or purposes for which the meeting is called. The accidental omission to send notice of
any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not
invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of
shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.
SECTION 5. Closing of Transfer Books or Fixing of Record Date. For the purpose of determining
shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment
thereof, or shareholders entitled to receive payment of any dividend, or in order to make a
determination of shareholders for any other proper purpose, the Board of Directors of the
corporation may provide that the stock transfer books shall be closed for a stated period but not to
exceed, in any case, seventy (70) days. If the stock transfer books shall be closed for the purpose of
determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books
shall be closed for at least ten (10) days immediately preceding such meeting. In lieu of closing the
stock transfer books, the Board of Directors may fix in advance a date as the record date for any
determination of shareholders, such date in any case to be not more than seventy (70) days and, in
case of a meeting of shareholders, not less than ten (10) days prior to the date on which the
particular action, requiring such determination of shareholders, is to be taken. If the stock transfer
books are not closed and no record date is fixed for the determination of shareholders entitled to
notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a
dividend, the date on which notice of the meeting is mailed or the date on which resolution of the
Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date
for such determination of shareholders. When a determination of shareholders entitled to vote at any
meeting of shareholders has been made as provided in this section, such determination shall apply
to any adjournment thereof.
SECTION 6. Shareholders' List. After fixing a record date, the officer or agent having charge of the
share ledger of the corporation shall prepare an alphabetical list of all persons entitled to notice and
to represent shares at such meeting, or any adjournment thereof, and said list shall be arranged by
voting group and shall show the address of and the number of share votes held by each shareholder
or representative. The shareholders' list shall be available for inspection and copying during usual
business hours by any shareholder beginning two (2) business days after notice of the meeting is
given for which the list was prepared and continuing through the meeting, at the corporation's
principal office or at a place identified in the meeting notice. Such list shall be available during the
meeting and any shareholder, his agent or attorney is entitled to inspect the list at any time during
the meeting or any adjournment thereof. The original stock transfer book shall be prime facia
evidence as to who are the shareholders entitled to examine such list or transfer book or to vote at
any meeting of shareholders.
SECTION 7. Quorum. Subject to the special rights and restrictions attached to the shares of any
class or series of shares, the quorum for the transaction of business at a meeting of shareholders is
Page 30 of 45one person who is, or who represents by proxy, common or preferred shareholder(s) who are
entitled to be voted at the meeting. The shareholder(s) present at a duly organized meeting may
continue to transact business until adjournment, notwithstanding the withdrawal of enough
shareholders to leave less than a quorum.
SECTION 8. Proxies. At all meetings of shareholders, a shareholder may vote by proxy executed in
writing by the shareholder or by his duly authorized attorney-in-fact. Such proxy shall be filed with
the Secretary of the corporation before or at the time of the meeting.
SECTION 9. Voting of Shares. Each outstanding common share entitled to vote shall be entitled to
one vote upon each matter submitted to a vote at a meeting of shareholders, and each preferred
shareholder shall be entitled to vote the designated number of votes per preferred share as described
on the preferred share certificate or in the preferred share agreement, for and upon each matter
submitted to a vote at a meeting of shareholders, each preferred share vote being equal to a common
share vote. The affirmative vote of a majority of the votes represented at a shareholders' meeting at
which a quorum is present shall be the act of the shareholders of the corporation.
SECTION 10. Voting of Share by Certain Holders. Shares standing in the name of another
corporation may be voted by such officer, agent or proxy as the By-Laws of such corporation may
preserve, or, in the absence of such provision, as the Board of Directors of such corporation may
determine.
Shares held by an administrator, executor, guardian or conservatory may be voted by him either in
person or by proxy, without a transfer of such shares into his name. Shares standing in the name of
a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote
shares held by him without a transfer of such shares into his name.
Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
under the control of a receiver may be voted by such receiver without the transfer thereof into his
name if authority so to do be contained in appropriate order of the court by which such receiver was
appointed.
A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have
been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the
shares so transferred.
Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be
voted, directly or indirectly, at any meeting, and shall not be counted in determining the total
number of outstanding shares at any given time.
SECTION 11. Informal Action by Shareholders. Unless otherwise provided by law, any action
required to be taken at a meeting of the shareholders, or any other action which may be taken at a
meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth
the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the
subject matter thereof.
ARTICLE III. BOARD OF DIRECTORS
SECTION 1. General Powers. The business and affairs of the corporation shall be managed by its
Board of Directors except as otherwise herein provided.
Page 31 of 45SECTION 2. Number, Tenure and Qualifications. The number of Directors of the corporation shall
be a minimum of one (1). Each Director shall hold office until the next annual meeting of
shareholders and until his successor shall have been elected and qualified. Directors may be reelected. The Directors need not be a resident of the State of Arizona or a shareholder.
SECTION 3. Regular Meetings. A regular meeting of the Board of Directors shall be held without
other notice than this By-Law immediately after, and at the same place as the annual meeting of
shareholders. The Board of Directors may also provide, by resolution, the time and place for the
holding of additional regular meetings without other notice than such resolution.
SECTION 4. Special Meetings. Special meetings of the Board of Directors may be called by or at
the request of the President or any Director. The person or persons authorized to call special
meetings of the Board of Directors may fix the place for holding any special meeting of the Board
of Directors called by them.
SECTION 5. Notice. Notice of any special meeting shall be given at least five (5) days previously
thereto by notice personally given or mailed to each Director at his business address, or by
telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States
mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be
deemed to be delivered when the telegram is delivered to the telegraph company. Any Director may
waive notice of any meeting. The attendance of a Director at a meeting shall constitute a waiver of
notice of such meeting, except where a Director attends a meeting for the express purpose of
objecting to the transaction of any business because the meeting is not lawfully called or convened,
and does not thereafter vote for or assent to action taken at the meeting.
SECTION 6. Quorum. A majority of the number of Directors fixed by Section 2 of this Article III
shall constitute a quorum for the transaction of business at any meeting of the Board of Directors.
SECTION 7. Manner of Acting. The act of the majority of the Directors present at a meeting at
which a quorum is present shall be the act of the Board of Directors.
SECTION 8. Compensation. By resolution of the Board of Directors, the Directors may be paid
their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a
fixed sum for attendance at each meeting of the Board of Directors or a stated salary as Director. No
such payment shall preclude any Director from serving the corporation in any other capacity and
receiving compensation therefore.
SECTION 9. Presumption of Assent. A Director of the corporation who is present at a meeting of
the Board of Directors at which action on any corporate matter is taken shall be presumed to have
assented to the action taken unless his dissent shall be entered in the minutes of the meeting or
unless he shall file his written dissent to such action with the person acting as Secretary of the
meeting before the adjournment thereof or shall forward such dissent by registered mail to the
Secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent
shall not apply to a Director who voted in favor of such action.
SECTION 10. Informal Action by Board of Directors. Unless otherwise provided by law, any
action required to be taken at a meeting of the Directors, or any other action which may be taken at
a meeting of the Directors, may be taken without a meeting if a consent in writing, setting forth the
action so taken, shall be signed by each director, and included in the minutes or filed with the
Page 32 of 45corporate records reflecting the action taken.
ARTICLE IV. OFFICERS
SECTION 1. Number. The officers of the corporation shall be Peter Coorey (President),
1B Glamour Court, 1 Discovery Bay Road, Lantau, Discovery Bay, Hong Kong SAR, Peoples
Republic of China; Colin Lu (Secretary), Guoji Dasha, Suite 606, 88 Guang Xin Lu, Putuo,
Shanghai, Peoples Republic of China; Vivian Phillips (Director), Room 104, No. 3 Building,
Horizon SIP, 188 Xinghai Jie, Suzhou, Peoples Republic of China who are to serve as directors
until the first annual meeting of shareholders or until their successor(s) is elected and qualified.
SECTION 2. Election and Term of Office. The officers of the corporation to be elected by the
Board of Directors shall be elected annually by the Board of Directors at the first meeting of the
Board of Directors held after each annual meeting of the shareholders. If the election of officers
shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may
be. Each officer shall hold office until his successor shall have been duly elected and shall have
qualified or until he shall resign or shall have been removed in the manner hereinafter provided.
The initial officers may be elected at the first meeting of the Board of Directors.
SECTION 3. Removal. Any officer or agent elected or appointed by the Board of Directors may be
removed by the Board of Directors whenever in its judgment, the best interest of the corporation
would be served thereby, but such removal shall be without prejudice to the contract rights, if any,
of the person so removed.
SECTION 4. Vacancies. A vacancy in any office because of death, resignation, removal,
disqualification or otherwise, may be filed by the Board of Directors for the unexpired portion of
the term.
SECTION 5. President. The President shall be the principal executive officer of the corporation
and, subject to the control of the Board of Directors, shall in general supervise and control all of the
business and affairs of the corporation. He shall, when present, preside at all meetings of the
shareholders and of the Board of Directors. He may sign certificates for shares of the corporation,
any deeds, mortgages, bonds, contracts, or other instruments which the Board of Directors has
authorized to be executed except in cases where the signing and execution thereof shall be expressly
delegated by the Board of Directors, or by these By-Laws, to some other officer or agent of the
corporation, or shall be required by law to be otherwise signed or executed; and in general shall
perform all duties incident to the office of President and such other duties as may be prescribed by
the Board of Directors from time to time.
SECTION 6. Vice-President. The Board of Directors may determine when there is a need for a
Vice-President or Vice- Presidents. In the absence of the President or in event of his death,
unavailability of or refusal to act, a Vice-President shall perform the duties of the President, and
when so acting, shall have all the powers of and be subject to all the restrictions upon the President.
A Vice-President shall perform such other duties as from time to time may be assigned to him by
the President or the Board of Directors.
SECTION 7. Secretary. The Secretary shall: (a) keep the minutes of the shareholders and of the
Board of Directors meetings in one or more books provided for the purpose; (b) be custodian of the
corporate records and of the seal of the corporation and see that the seal of the corporation is affixed
to all documents, the execution of which on behalf of the corporation under its seal is duly
Page 33 of 45authorized; (c) see that all notices are duly given in accordance with the provisions of these ByLaws or as required by law; (d) keep a register of the post office address of each shareholder which
shall be furnished to the Secretary by such shareholder; (e) have general charge of the stock transfer
books of the corporation; (f) have charge and custody of and be responsible for all funds and
securities of the corporation, receive and give receipts for monies due and payable to the
corporation from any source whatsoever, and deposit all such monies in the name of the corporation
in such banks, trust companies or other depositories as shall be selected in accordance with the
provisions of Article V of these By-Laws; and (g) in general perform all of the duties incident to the
Office of Secretary and such other duties as from time to time may be assigned to him by the
President or by the Board of Directors. If required by the Board of Directors, the Secretary shall
give a bond for the faithful discharge of his duties in such sum with such surety or sureties as the
Board of Directors shall determine.
SECTION 8. Salaries. The salaries, compensation and other benefits, if any, of the officers shall be
fixed from time to time by the Board of Directors, and no officer shall be prevented from receiving
such salary by reason of the fact that he is also a Director of the corporation.
ARTICLE V. CONTRACTS, LOANS, CHECKS AND DEPOSITS
SECTION 1. Contracts. The Board of Directors may authorize any officer or officers, agent or
agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf
of the corporation, and such authority may be general or confined to specific instances.
SECTION 2. Loans. No loans shall be contracted on behalf of the corporation and no evidence of
indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors.
Such authority may be general or confined to specific instances.
SECTION 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money,
notes or other evidences of indebtedness issued in the name of the corporation shall be signed by
such officer or officers, agent or agents of the corporation and in such manner as shall from time to
time be determined by resolution of the Board of Directors.
SECTION 4. Deposits. All funds of the corporation not otherwise employed shall be deposited from
time to time to the credit of the corporation in such banks, trust companies or other depositories as
the Board of Directors may select.
ARTICLE VI. CERTIFICATES FOR SHARES AND THEIR TRANSFER
SECTION 1. Certificates for Shares. Certificates representing shares of the corporation shall be in
such form as shall be determined by the Board of Directors. Such certificates shall be signed by the
President and by the Secretary or by such other officers authorized by law and by the Board of
Directors so to do. All certificates for shares shall be consecutively numbered or otherwise
identified. The name and address of the person to whom the shares represented thereby are issued,
with the number of shares and date of issuance, shall be entered on the stock transfer books of the
corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no
new certificate shall be issued until the former certificate for a like number of shares shall have
been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate, a
new one may be issued therefore upon such terms and indemnity to the corporation as the Board of
Directors may prescribe.
Page 34 of 45SECTION 2. Transfer of Shares. Transfer of shares of the corporation shall be made only on the
stock transfer books of the corporation by the holder of record thereof or by his legal representative,
who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by
power of attorney duly executed and filed with the Secretary of the corporation, and on surrender
for cancellation of the certificate of such shares, and also, any transfer is subject to the limitations
set forth in the Articles of Incorporation, reference to which is hereby made. The person in whose
name shares stand on the books of the corporation shall be deemed by the corporation to be the
owner thereof for all purposes.
ARTICLE VII. FISCAL YEAR
The fiscal year of the corporation shall begin on the 1st day of January and end on the 31st day of
December in each year.
ARTICLE VIII. DIVIDENDS
The Board of Directors may from time to time declare, and the corporation may pay dividends on
its outstanding shares in the manner and upon the terms and conditions provided by law and its
Articles of Incorporation.
ARTICLE IX. SEAL
The Board of Directors shall provide a corporate seal which shall be circular in form and shall have
inscribed thereon the name of the corporation and the state of incorporation and the words
"Corporate Seal."
ARTICLE X. WAIVER OF NOTICE
Unless otherwise provided by law, whenever any notice is required to be given to any shareholder
or Director of the corporation under the provisions of these By-Laws or under the provisions of the
Articles of Incorporation, a waiver thereof in writing, signed by the person or persons entitled to
such notice, whether before or after the time stated therein, shall be equivalent to the giving of such
notice.
ARTICLE XI. AMENDMENTS
These By-Laws may be altered, amended or repealed and new By-Laws may be adopted by a
majority vote of the Board of Directors at any annual Board of Directors meeting or at any special
Board of Directors meeting when the proposed amendment has been set out in the notice of such
meeting. These By-Laws may also be altered, amended or repealed by a majority vote of the
shareholders notwithstanding that these By-Laws may also be amended or repealed by the Board of Directors.
And less than 70 shareholders control 70% of the total outstanding. : )
Company Verified Profile
On May 16, the Securities and Exchange Commission (SEC) updated their Compliance and Disclosure Interpretations confirming that the OTCQX® and OTCQB® marketplaces are now considered “established public markets” for purposes of establishing a public market price when registering securities for resale in equity line financings. Companies may now use their OTCQX or OTCQB marketplace designation to complete an equity line financing registration statement, and may rely on quotes published on our SEC-registered Alternative Trading System, OTC Link® ATS, to establish a public market price when raising capital.
The SEC’s decision comes after a decade of changes and improvements in technology, transparency and regulation in our marketplaces, and marks an important development for SEC reporting companies. The SEC’s May 16 Compliance and Disclosure Interpretation updating the Established Public Market policy is available. See Question 139.13.
http://www.otcmarkets.com/stock/PYCT/company-info