PayChest Judgment -- Settlement Filed
October 13 2011 - 8:58AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT) (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.
About PayChest
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
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