PayChest Provides Update on Spin Off
HONG KONG--(Marketwire - Jul 19, 2011) - PayChest, Inc. (the "Company") (PINKSHEETS: PYCT) is pleased to provide an update on the spin off and stock dividend of the Company's Oregon subsidiary (PayChest Oregon).
PayChest Oregon has already been issued a Cusip number for the stock dividend. An Information Statement is being prepared as a requirement for the listing and trading of securities in the separate Oregon company.
Along with the recent completion of the DTC share certificate audit and the appointment of Transfer Online, the Company is making good progress towards the execution of this spin off.
The Company has also been working with existing and potential business partners to create a separate profitable public company. Management are in negotiations with several groups to achieve this with the goal of increasing shareholder value. Announcements on specific business developments will be made at the appropriate time.
The Company anticipates changing the name of PayChest Oregon to reflect the direction of this business and distinguish it from its Arizona parent. A new website address has been secured in anticipation of this with the intention of changing the name after the spin off is completed.
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 Oregon is preparing to be spun off from its Arizona parent as a stock dividend.
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