Paychest Inc (PYCT)

[poopscooper]

CES had a hard time raising funds after years and years of promises eventually the Billion$$ market story got old.
But I see the story got legs again with PYCT and Tom Hands again working the phones...lol
What he say about where they money will come from?

Financing is a key component in the company's growth. The company recently received $1,000,000 from the placement previously announced February 24, 2006. With the stock price below the placement price and the recent Wal-Mart delisting, it is a possibility the balance outstanding of the placement may be cancelled. Although assurances from the placees that funds will be released, the company is committed to moving its business forward in a timely fashion. To ensure this, the company will self-impose a definitive deadline of August 25, 2006 as a cutoff for the funds. If the funds are not received by this day, we will cancel the remaining placement and the shares will be returned to treasury. The shares outstanding would decrease from 82,040,264 shares issued and outstanding down to 62,040,264 shares issued outstanding. Various finance groups have approached the company regarding alternative sources of financing should the other be cancelled. These include equity, inventory and purchase order financing.

http://www.marketwire.com/mw/release.do?id=608314&k=