Paychest: Update

PayChest Update

HONG KONG / ACCESSWIRE / May 29, 2014 / Paychest, Inc. (PINKSHEETS: PYCT) (the "Company") is providing a corporate update following the recent DTC "chill" being lifted on April 30, 2014. As previously stated, the DTC "chill" was a barrier to new investor funds coming into the business leading to a number of activities being put on hold.

With this uncertainty behind us, PayChest is now focusing on the execution of the Mibella(r)/Flushaway(r) business model. Mibella®/Flushaway® are patented and trademarked brands of flushable and biogradable women's pads and liners. 

Unlike competing products sold in this fast moving consumer goods market by the major companies such as Proctor and Gamble, Kimberly-Clark and Johnson & Johnson, the Mibella(r)/Flushaway(r) product lines are flushable and biodegradable.

Since April 30, 2014 the Company has completed or started the following key objectives:

a) Filed Annual Report and First Quarter Financials returning the Company's status as reported on OTC to "Limited" (see www.pinksheets.com)

b) Started preparations to bring the Company to "Pink" as reported on the OTC. Management believes this is further improvement on disclosure and transparency

c) In the process of completing Phase 1 of the buyback as previously announced

d) Restarted talks with Xinpro Manufacturing, our manufacturers in China. These talks include pilot production and confirming lead times for product deliveries.

e) Preparing documents with the Oregon State Business Commission to update the status for the company's subsidiary PayChest (Oregon) to current. This is necessary for the future spinning out of this subsidiary as a dividend to shareholders.

f) In discussions regarding purchase order financing necessary to fund production.

g) Reconfirming the terms of the previously announced $1.2 million purchase order.

h) Restarted talks with several distributors and wholesalers regarding possible distributor agreements and potential purchase orders.

i) Reviewing timing for changing the Company name. The shareholder meeting in August 2013 approved the name change.

Other activities are underway and the Company anticipates further releases in the near future.

NOTES ABOUT FORWARD-LOOKING STATEMENTS 

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's filings with OTC Markets http://www.otcmarkets.com/stock/PYCT/financials. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act.  Reliance should not be placed on forward looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied.  Forward looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used.  Such statements are based upon current expectations of the Company and speak only as of the date made.

Contact:

Paychest, Inc. 

[e-mail]

Tom Hands

1-416-619-5242

1-714-274-7206

1-800-624-7479

 

SOURCE: PayChest Inc.

Historical news releases on the Company can be found at http://www.paychest.com/news.htm.