|PayChest, Inc. Announces First Stage of Restructuring |
SANTA MONICA, CALIFORNIA, Oct 18, 2006 (CCNMatthews via COMTEX) -- PayChest, Inc. (PINK SHEETS:PYCT) announced today a change in directors and principal officers.
As per resolution adopted in October 15, 2006, the PayChest Board has accepted the resignation of Mr. Alejandro Cerda, as Chief Executive Officer, effective immediately. In addition, all other directors and officers previously representing or assuming representation of PayChest have resigned as of October 15, 2006.
Mr. Lawson Pillay will serve as the newly appointed President and Chief Executive Officer, following the recent negotiations between PayChest and Genfin LLC, a southern California financial technology integrator. Mr. Pillay, age 51, currently serves as CEO of Genfin, LLC and several other technology related companies. He also serves as Director to BanX, Inc, a financial services transaction and debit card processor.
This relationship provides PayChest access to a series of financial services and strategic management personnel, to introduce PayChest as an online payment processing network, with capabilities to process online debit, credit, ACH and check payments.
Under the guidance of Mr. Pillay, all new board or management appointments will be made after a thorough review of PayChest's current portfolio. With immediate effect, all operations, both domestic and offshore, shall be relocated to Southern California. As a result of this major reorganization, our online and telecommunications infrastructures may be temporarily disrupted.
Lawson Pillay, PYCT's new CEO stated, "My immediate focus and attention is to add tangible value to PayChest through the introduction of emerging technologies, intellectual property, skilled management and revenue generating operations. I look forward to turning PayChest around in the shortest possible timeframe, with measurable fundamentals to enhance shareholder value, as we progress. Shareholders are advised to anticipate significant operational changes ahead."
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 factors.
SOURCE: PayChest, Inc.
CONTACT: PayChest, Inc.