|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 zshare.net, I have covered many of these aspects," said Mr. Pillay.
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