Paychest Inc (PYCT)

[lloydm]

NEWS...

HONG KONG, CHINA -- ( Marketwired ) -- 11/20/15 -- Paychest, Inc. (OTC PINK: PYCT) wishes to announce that the Company has negotiated a 70% reduction in a key note payable reducing the amount due from $5,000,000 to $1,500,000 ; a reduction of $3,500,000 .
The note payable for acquiring the worldwide license and rights to Flushaway Intellectual Property (IP), know how and support is reduced effective September 30, 2015 and is reflected in the filings of the Company's 3 rd Quarter Financials.
The reduction follows a renegotiation driven by PayChest having incurred cost and delay in implementing the Flushaway IP. New production processes and production technology required a much longer implementation period than was originally indicated and while the Licensor, Cardiff Bay Holdings , does not accept any liability they agreed to a reduction in costs to "facilitate product commercialization" of Mibella®.