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Non-Tech : PYCT - Paychest, Inc.
PYCT 0.00010000.0%Sep 23 4:00 PM EDT

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From: GramWellington10/21/2006 10:51:17 PM
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PayChest Announces 30 Day Action Plan

SANTA MONICA, CA, Oct 20, 2006 (MARKET WIRE via COMTEX) -- PayChest Inc. (PINKSHEETS: PYCT) today announced a 30 day action plan, relating to PayChest's operations, under the restructuring guidelines of CEO Lawson Pillay.
The initial strategy calls for immediate changes in staffing and technology. All existing PayChest relationships with directors, employees and contractors have been terminated. PayChest now has direct access to staff and technology through Genfin and its strategic partners. These resources will provide PayChest with intellectual property, financial processing software and connectivity to currently operational financial gateways.

PayChest will also appoint an independent stock transfer agent, a new SEC attorney and move all operations into new premises in southern California.

"This 30 day restructuring action plan reiterates my allegiance to shareholders by laying a solid foundation for the future. My commitment is not to focus on stock price volatility, but to introduce tangible change. Also, expectations of future news will be limited to quantifiable actions taken. In my recent radio address on, I have covered many of these aspects," said Mr. Pillay.

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.

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