Press Release Source: PayChest, Inc.
PayChest Launches on Target; Sets Sights for 1st Quarter 2007
Wednesday December 20, 1:23 pm ET
HUNTINGTON BEACH, CA--(MARKET WIRE)--Dec 20, 2006 -- Expanding its scope, flexibility and potential market applications, for electronic financial payment solutions, PayChest Inc. (Other OTC:PYCT.PK - News) today announced the launch of PayChest RD21, PayChest E-Chek and PayChest E-Commerce services.
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The expanded services provide payment solutions to consumers, organizations and business alike.
The PayChest RD (remote deposit) 21 service converts paper checks into electronic images expediting the processing and clearance of check deposits. This service reduces the need for paper checks and allows a business to remotely deposit checks via a digital image, to participating banks and vendors.
This service will only be available in the United States.
Key benefits include:
Quicker settlement of funds without significant hold periods
Expedited return information
Easy access via a secure Web-based front-end
Integrated reporting of electronic check payments
Reduction of check handling costs
PayChest E-Chek provides a secure electronic check payment solution for business and individuals processing payments, via the internet utilizing an existing checking account. The PayChest E-Chek program allows for payment to consumer and business accounts.
These products are being marketed via direct and indirect sales channels, utilizing existing distributors and agents of our partners..
The launch of these services comes on the heels of the "Thirty Day Action Plan" initiated by the company's CEO, Mr. Lawson Pillay.
Commenting on the Action Plan and launch results, Mr. Pillay said, "Firstly, I am thankful to our shareholders, partners and employees for their continued support and patience. We initially encountered some administrative and infrastructure delays, but I am excited that we were able to launch our new services as scheduled. We are finishing this year with a solid foundation for growth into 2007. We have relocated our operations to Southern California in line with expectations. We will continue to deliver on an aggressive new product schedule, in the first quarter of 2007 and promote our services through our partners. The 'soft' launch initiated today, also serves as testament to PayChest's commitment to monitoring quality control in a live environment. During this period, our developers will be able to make adjustments, if any, in anticipation of our full scale marketing launch in Q1, 2007. We will continue to diligently add new products and new partners."
First Quarter Service Release Schedule
January 2007 -- PayChest Rewards marketing program. Furthermore, the Rewards program will be released in conjunction with a debit card. The debit card and Rewards program will be marketed to payroll processors, direct employers, tax preparation companies, employment agencies, retail financial centers and sales organizations.
February 2007 -- a series of flexible, global gift card programs, for domestic and international markets will be released.
March 2007 -- international banking gateway access is currently being negotiated with several countries, for connectivity by March. This will mark our entry as a fully integrated global financial service provider.
Press announcements relating to the above launch schedules, will be released accordingly with more details.
About PayChest
PayChest and its strategic partner companies have developed an integrated online payment processing platform utilizing cutting edge technologies to deliver payment solutions online. These payment processing solutions include turnkey payment facilitation for credit and debit cards, electronic checks, money transfer solutions, gift cards and turnkey rewards-based systems.
New management within PayChest is focused on innovative and tangible products, improving the online payment experience for online consumers and e-commerce businesses worldwide. To fulfill this obligation, the new management has marked significant timelines over the next few months to streamline operations, with a focus on integrating backend transaction processing infrastructures scalable to new payment technologies and marketing opportunities.
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," 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:
Investor Relations
info@paychest.com
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Source: PayChest, Inc.
