HONG KONG / ACCESSWIRE / October 17, 2014 / Paychest, Inc. (PINKSHEETS: PYCT) PayChest Inc. is pleased to announce the buyback of 100 million shares and completion of its buyback and stock retirement program as previously announced.
This 100 million shares is the last part of 300 million shares repurchased by the Company. The outstanding share count, confirmed with the Company transfer agent, Transfer Online, is reduced to 27.685 billion shares giving the Company a present market cap of approximately $2.7 million.
Over $7 million has been spent to date developing the Mibella/Flushaway(R) brand of flushable and biodegradable women’s sanitary liners and pads. The first container of product is slated to be ready for delivery in the first quarter 2015 as part of the $1.2 million purchase order provided by David Shaw and Co., the Company's UK distributor. Each container of product equates to about $50,000 US revenue to Paychest.
The Company is now opening talks with new distributors in the US and other countries in readiness of product availability.
Unlike competing products sold by the major companies, such as Proctor & Gamble, Kimberly-Clark and Johnson & Johnson, the Mibella/Flushaway(R) product line is flushable and biodegradable while remaining price competitive.
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.
ir@paychest.com
Tom Hands
USA 302-724-6944
from overseas: +1-302-724-6944
Canada 416-619-5242
from overseas: +1-416-619-5242
Historical news releases on the Company can be found at
http://www.paychest.com/news.htm
SOURCE: PayChest, Inc.