Paychest, Inc. (PYCT: OTC Link) | PayChest Judgment

PayChest Judgment – Settlement Filed

Oct 13, 2011

OTC Disclosure News Service

Hong Kong, China –

PayChest Inc. (the “Company”) is pleased to announce the completion of the settlement following the update of September 21, 2011.

In March 2009, a party received a default judgment of $4,000,000 against the Company. The Company agreed to settle this matter and final payment was made September 21, 2011 in accordance with the previously negotiated settlement agreement, bringing the total paid to $25,000.

Under the agreement, counsel for the judgment holder was to file a satisfaction of judgment for the matter to be considered closed.

The Company has now received a copy of the Maricopa County receipt confirming the filing of the Satisfaction of Settlement which now closes this matter.

This sets the stage for the Company to announce commercial production.

Also,please note the new phone number for Tom Hands below.


AboutPayChest

PayChest, Inc. is a global marketing company and developer of technology solutions; with its strategic partner companies, PayChest markets and distributes 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)

Management plans to spin off PayChest Oregon from its Arizona parent as a stock dividend.


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.


Contact: Paychest, Inc. ir@paychest.com


Tom Hands         :     416- 619-5242 from overseas: +1-416- 619-5242

Tobie Oliver       :  1-800-624-7479 from overseas: +1-714-274-7206

Source: PayChest Inc.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/PYCT/news?id=36682

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