Business
CORRECTION: PayChest Announces further decreases in outstanding share count
CORRECTION: PayChest Announces further decreases in outstanding share count.
About this update from Paychest Inc
[{"type":"text","content":"Jun 15, 2007Pink Sheets News ServiceHuntington Beach, CA -- HUNTINGTON BEACH, CA--(Market Wire) June 15, 2007 - PayChest Inc. (Other OTC: PYCT Pinksheets) today announced a further decrease in the number of outstanding shares. The reduction of 520 million shares was announced in conjunction with the continued stock audit efforts by the company. The most recent decrease brings the overall outstanding share count to 16,620,990,045. The stock audit conducted over the past few months has resulted in an overall reduction of 4,425,544,340. \"Our efforts to negotiate a claw back on these shares has been beneficial to the Company overall and continues to establish a firmer stock framework for the company to move forward with it's business strategy. We don't expect any further reductions from our audit efforts. The final audit and asset position will be disclosed by the end of next week\" said Mr. Pillay, PayChest's CEO. About PayChest PayChest and its strategic partner companies have developed an integrated online payment processing platform utilizing cutting edge technologies to deliver payment solutions online. These payment processing solutions include turnkey payment facilitation for credit and debit cards, electronic checks, money transfer solutions, gift cards and turnkey rewards based systems. New management within PayChest is focused on innovative and tangible products, improving the online financial experience for online consumers and e-commerce businesses worldwide. To fulfill this obligation, the new management has marked significant timelines over the next few months to streamline operations, with a focus on integrating backend transaction processing infrastructures scalable to new payment technologies and marketing opportunities. 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 factor...