PayChest Completes Payment on Judgment Settlement
21 Setembro 2011 - 12:54PM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to
provide an update on addressing judgments filed against the Company
in Arizona. With the announcement of September 15th confirming
continued funding, the Company is providing this update before
beginning commercial production of Flushaway®. Both judgments
reported below were filed against the Company while under prior
management.
In March 2009, a party received a default judgment of $4,000,000
against the Company. The Company agreed to settle this matter and
final payment was made today, in accordance with the previously
negotiated settlement agreement, bringing the total paid to
$25,000. Under the agreement, counsel for the judgment holder will
file a satisfaction of judgment and the matter will be considered
closed.
Further, in April 2006, a judgment was awarded to a group of
plaintiffs against Mellon Research Inc. (now PayChest) for a total
of less than $195,000. Under Arizona law a judgment needs to be
renewed every five years. In the absence of a renewal, this
judgment lapsed in April 2011 and is now of no effect.
This addresses all known outstanding judgments against the
Company.
About PayChest
PayChest, Inc. is a global marketing company and developer of
technology solutions; with its strategic partner companies,
PayChest markets and distributes select products and services
worldwide, which provide an increased public awareness to conserve
and preserve the world's limited resources.
About the proposed dividend of subsidiary PayChest (Oregon)
Management plans to spin off PayChest Oregon from its Arizona
parent as a stock dividend.
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," "can" 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.
Contact: PayChest, Inc. ir@paychest.com Tom Hands: 604-628-1984
from overseas: +1-604-628-1984 Tobie Oliver: 1-800-624-7479 from
overseas: +1-714-274-7206
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