Some pyct paper buyers and IR pigeons still waiting on this 2006 story to leave the station.....lol
While the money transfer business remains under the same corporate umbrella the focus of the company moving forward will be the new "Flushaway" brand of products. Both business units will require capital moving forward to complete their business models. A strain on capital would be too great and dilutive for one company to bear. Separating these business units by way of a stock dividend aims to serve several purposes. First, shareholders of PayChest Inc. will receive shares in a new publicly traded company while continuing to hold onto their PayChest Inc. shares. That gives shareholders significant upside in two public entities. Each company will have separate management and a separate stock symbol. The new public entity can raise its own capital to further that business model without diluting or affecting the present PayChest Inc. shareholders. Those assets presently sit in a subsidiary, PayChest (Oregon). Due to changes in securities law, the company has had to change the way the dividend was to be spun out as a free trading dividend. The dividend process has taken far longer than anticipated and steps are being made to expedite the process. This remains a priority for the Company. The new control group is awaiting some final documentation necessary to complete the dividend process. As part of the dividend process, there will be a name change and symbol change. A new company name has already been secured and will be available when the dividend process is complete. This is being done to better reflect the new direction of the company.
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