Business
PayChest announces 18.5% decrease in outstanding shares
PayChest announces 18.5% decrease in outstanding shares.
About this update from Paychest Inc
[{"type":"text","content":"HUNTINGTON BEACH, CA--(Market Wire) June 7, 2007 - PayChest Inc. (Other OTC: PYCT Pinksheets) today announced a significant reduction in the number of outstanding shares. After months of audits and negotiations, the company has reduced the share count from 21,046,534,385 shares to 17,140,990,045. The almost 4 billion difference was redeemed from a series of certificates issued before October 2006.\n \nThe reduction of shares indicates PayChest's commitment to improve future stock valuations to its shareholders. It further establishes the responsibility management has undertaken, to establish a sustainable stock strategy in line with its long term business objectives. \n\n\"An 18.5% reduction in outstanding shares helps to prevent the future volatility of our stock which contributes to a stronger shareholder value. Our efforts have been targeted at protecting shareholders. The audit will continue over the next few weeks, and we are bound to see further benefits. We appreciate the continued support from our shareholders.\" said Mr. Pillay, PayChest's CEO. \n\nAbout PayChest \n\nPayChest 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. \n\nNew 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. \n\nSafe Harbor Statement \n\nThe 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-lookin...