Paychest Inc (PYCT)

[dcjr4107]

NEWS OUT; And I thought they didn't have any money...haha

http://www.marketwire.com/press-release/PayChest-Inc-Settlement-Agreed-for-4000000-Judgment-1344035.htm

PayChest Inc. Settlement Agreed for $4,000,000 Judgment
Oct 29, 2010 1:11:00 PM



HONG KONG -- (MARKET WIRE) -- 10/29/10 -- Paychest, Inc. (PINKSHEETS: PYCT) has arranged and secured a settlement of an existing $4,000,000 judgment against the Company, subject to final payment.

The default judgment against Mellon Research Inc., (now known as Paychest, Inc.) was awarded in March 2009 to Carter Care Centers Inc.

The agreement to settle was secured by a third party and allows for Paychest to fully address the settlement over time, for $25,000 plus third party costs and expenses. The third party has made an initial payment, with the final payment due by September 2011. When the final payment is made, Carter Care will release the judgment.

About PayChest (Arizona)

PayChest, a global marketing company and developer of technology solutions and its strategic partner companies, market and distribute select products and services worldwide, which provide an increased public awareness to conserve and preserve the world's limited resources.

About the proposed dividend of subsidiary PayChest (Oregon)

PayChest and its strategic partner companies are developing integrated commerce processing solutions utilizing cutting edge technologies to deliver in store, online and mobile solutions globally. These include turnkey point of sale solutions, gift and loyalty portal systems, ACH electronic systems, online and mobile payment platforms and rewards-based platforms to integrate into an existing business system.

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," "can" 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.

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Paychest, Inc.
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Source: PayChest Inc.