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PayChest, Inc. Announces First Stage of Restructuring
SANTA MONICA, CALIFORNIA, Oct 18, 2006 (CCNMatthews via COMTEX) -- PayChest, Inc. (PINK SHEETS:PYCT) announced today a change in directors and principal officers. As per resolution adopted in October 15, 2006, the PayChest Board has accepted the resignation of Mr. Alejandro Cerda, as Chief Executive Officer, effective immediately. In addition, all other directors and officers previously representing or assuming representation of PayChest have resigned as of October 15, 2006.
Mr. Lawson Pillay will serve as the newly appointed President and Chief Executive Officer, following the recent negotiations between PayChest and Genfin LLC, a southern California financial technology integrator. Mr. Pillay, age 51, currently serves as CEO of Genfin, LLC and several other technology related companies. He also serves as Director to BanX, Inc, a financial services transaction and debit card processor.
This relationship provides PayChest access to a series of financial services and strategic management personnel, to introduce PayChest as an online payment processing network, with capabilities to process online debit, credit, ACH and check payments.
Under the guidance of Mr. Pillay, all new board or management appointments will be made after a thorough review of PayChest's current portfolio. With immediate effect, all operations, both domestic and offshore, shall be relocated to Southern California. As a result of this major reorganization, our online and telecommunications infrastructures may be temporarily disrupted.
Lawson Pillay, PYCT's new CEO stated, "My immediate focus and attention is to add tangible value to PayChest through the introduction of emerging technologies, intellectual property, skilled management and revenue generating operations. I look forward to turning PayChest around in the shortest possible timeframe, with measurable fundamentals to enhance shareholder value, as we progress. Shareholders are advised to anticipate significant operational changes ahead."
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," 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.
SOURCE: PayChest, Inc.
CONTACT: PayChest, Inc. Investor Relations Email: info*paychest.com
Posts: 35 | Registered: May 2006
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-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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I smell a Mario Pino. I have the spin off shares of this, I will NEVER actually buy some.
Posts: 395 | From: algonquin,il,usa | Registered: Sep 2004
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Up 100% with good volume. Read the PR, do the research. This stocks going to pop 200%. I just picked up $5,000 worth.
Posts: 35 | Registered: May 2006
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Oil, what drugs are you on. This stock has been a disaster from day one. Most of us here have been burned by Pino. I have a bridge for sell. any buyers???
Posts: 806 | From: CT | Registered: Dec 2005
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quote:Originally posted by oil&gas2006: Up 100% with good volume. Read the PR, do the research. This stocks going to pop 200%. I just picked up $5,000 worth.
You poor thing . Sorry, just makes me wince cuz of the guy who I am sure still has his hands in this.
Posts: 395 | From: algonquin,il,usa | Registered: Sep 2004
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Oh you can BET yer bucks Mario's still involved, up to his pointy doo! lmao.He's involved in PYCT,PAIM,PAVC,RRBK,WSSE,and others. O&G,you being "compensated"? The mods need to delete this thread,and YOU. Furrysound, what "looks good"? Is this one of nomi_ugly 's p&ds? Your one of his "gold members",right! Inquiring minds wanna know!!wwwooooff!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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I heard there's going to be another pr released Friday morning. Im picking up another $3,000. I made $2,000 yesturday.
Posts: 6 | From: San Diego | Registered: Oct 2006
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quote:Originally posted by pennystockplay: I heard there's going to be another pr released Friday morning. Im picking up another $3,000. I made $2,000 yesturday.
Yep,the 'helps' arrived. Yer profile says 'financial'. hhhhmmmmmmm 2nd post..here.hhhhmmmmm
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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Whatever, the fact is I made $$$$ yesturday and when that pr is released today I will make another $2,000.
Posts: 6 | From: San Diego | Registered: Oct 2006
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"fact" huuuh. So where did you "hear" a pr is going to be released Friday morn (uh..today)?
They just "announced" (*pant* *pant*) that they are moving the "corporate offices" (toothbrush..check deodorant..check...hair wax...check),what could possibly be more exciting than THAT? After a few years you start to see patterns with these scams,"new guys" showing up,setting up as 'gatekeeper',ect. We'll see. heh
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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All Im saying is that when the PR hits today there will be a nice gain and you wont be a part of it.
Posts: 6 | From: San Diego | Registered: Oct 2006
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Scam or no scam all of us know what a good pr does to the market. Realize it, make your money and get out before it drops. Just like any other stock.
Posts: 6 | From: San Diego | Registered: Oct 2006
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LOOK AT THEIR NEW SITE. Who knows if its for real this time or the continued scam however the site looks more professional.
Posts: 806 | From: CT | Registered: Dec 2005
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NOT the same players guys....give them some time.. They bought the corp not the people.
Investor F.A.Q. :
1: What is PayChest’s shareholding? Ans: PayChest currently has 100 billion authorized shares with just fewer than 22.5 billion outstanding shares, of which 15 billion shares are freely traded. It currently has more than 6000 shareholders. 2: What is the progress on PayChest’s 30 day plan? Ans · Management has taken control of all domain names and web presence which is now hosted in Southern California. · All operations have been centralized to Southern California and are currently housed with Genfin’s facilities, until the new space lease is completed. · Mellon Research has been officially retired and PayChest has been granted good standing status with the State of Arizona. · We have also applied with the State of Arizona to change the resident agency, directorship and the address. The Arizona Corporate Commission has not reflected these changes as yet. · We have notified Pinksheets of the changes and this should be reflected shortly. · Investor relations have been established. · Previous management has completed 3rd quarter financials which has been submitted to Pinksheets for public update. · All company Stock Transfer documentation and details are in our possession and we have selected Holladay Stock Transfer as the transfer agent, which will be effective shortly. · Our appointed SEC attorney, is Rick Weed LLP in Southern California. · We have established offices in Arizona and are awaiting registration completion to complete our lease in Southern California. · A toll free number 1-800-624-7479 has been reserved and will be operational this week. · We are awaiting our California Secretary of State company formation. 3: Will there be a reverse split and how will management restructure the current stock position of the company, and are there any expectations for the PPS? Ans No, there will not be a reverse split at this time. Management feels that a reverse split will not have any benefit to existing shareholders. Stock consolidation will be necessary, when management decides to upgrade PayChest to the bulletin boards or higher. In the interim, the PPS will be determined by a combination of market forces, the outstanding share volume and management’s ability to execute on its business plan. 4: Are Messer’s. Cerda, Pino, Kirby and Crasta part of PayChest? Ans No they are not, but as part of the transition we had to engage their participation to fulfill a smooth transition. We have transitioned all software and technical operations staff. We have had no dealings with Mr. Crasta or Riverbank Holdings at any time . Mr. Pino was utilized to retire Mellon Research and transition it to PayChest. He has no further operational involvement with PayChest, but is a shareholder. Mr. Cerda’s final obligation has been to complete the 3rd quarter financials. We do not foresee any further need for his services after the transition. 5: Are there any assets in PayChest? Ans Yes, we are currently in negotiations to sell, liquidate or redeem PayChest stock for some of these assets. These negotiations will be reported on the next quarter’s financials. 6: Is the SEC shutting PayChest down? Ans The SEC’s investigation of Mellon Research was for improper practices and reporting. This has no bearing on new management’s involvement with PayChest. 7: Are there any pending Legal actions against PayChest? Ans No. 8: Is PayChest bankrupt? Ans No, to the contrary PayChest has assets. 9: How will PayChest pay for its operations and technology? Ans PayChest is currently being funded by Genfin and its partner companies. 10: Is PayChest directly associated with any other public company? Ans No, PayChest is not directly associated with any public companies at this time. It does, however, possess shares of companies, in accordance with previous management’s decisions, which have been inherited as assets. 11: What is the contact information for any investor or stock questions? Ans Please direct all questions or inquiries to E-mail : info*paychest.com or refer to the Contact Us portion of the website. 12: Why did management buy into PayChest? Ans PayChest was acquired because of its online business concept and its large number of shareholders. Furthermore, PayChest trades actively. 13: Can we expect frequent public news? Ans News will be made available based on material events. The website will serve as the medium for most of PayChest’s news. 14: Can we expect changes to the website? Ans Expect constant updates to the website as PayChest grows through 2007.
-------------------- If all goes well then great, if not, make it work. Posts: 2562 | From: Louisville, KY | Registered: Feb 2005
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quote:Originally posted by OILDOG: Pino being a shareholder is enough for me!! George, still pumping this thing? Just how many shares you still bagholding????
Never pumped a stock in my life. Only stating facts. I am just saying that Pino is gone. Of course he has stock. they gave it to him to get rid of him.
Posts: 2562 | From: Louisville, KY | Registered: Feb 2005
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quote:Originally posted by OILDOG: Pino being a shareholder is enough for me!! George, still pumping this thing? Just how many shares you still bagholding????
Never pumped a stock in my life. Only stating facts. I am just saying that Pino is gone. Of course he has stock. they gave it to him to get rid of him.
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This blew up again because Mr. Leb. pumped this stock up. I received 9 e-mails from him within the past two weeks. I can't spell his name out, without it being block out by allstocks.
Posts: 1638 | From: Up North | Registered: Jan 2006
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