Paychest Inc (PYCT)

[dcjr4107]

Response from IR to BS NAKED SHORTERS LAWSUIT;




"A company that has never done any business with PayChest in any way very cleverly tried to sue PayChest. Paychest has never heard of the company. The lawyer figures it was a company Pino had done business with privately and figured they would sue everybody and everything around him. The clever part is that in the US, you can almost sue just about anybody and if they don't respond you can find yourself in big trouble even if you did nothing wrong. I guess they figured we wouldn't catch it, but we did. It was not disclosed because there is no case but documents still need to be filed to have the case dismissed. That is a big difference here in Canada, you wouldn't even be able to file such a case here.

Tom Hands
PayChest IR

The timing is very interesting as volumes are starting to pick up and the news stream has more concrete news."