We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Non-TechPYCT - Paychest, Inc.

Previous 10 
From: mortalmyth11/2/2012 2:30:22 PM
   of 40

Paychest has issued over 20,000,000,000 shares since the beginning of 2004 (or about 265% added dilution). As such, it's no wonder the share price plummeted and has resulted in an on-going No-Bid. Of course, Paychest not selling any products has helped greatly in continuing this malaise.

Per Paychest financials:
Issued & Outstanding on December 31, 2003 = 7,600,000,000 shares
Issued & Outstanding on March 31, 2012: === 27,785,264,936 shares

Since the TA is gagged. and since the DTC "Chill" was caused by insider conversions of preferred shares (per the company statement in 2Q2012 report), it is not currently known if the O/S and A/S has increased further since March. The upcoming 3Q2012 report may or may not reflect an increase as the legal DTC "Chill" issue is still trying to be resolved by Paychest.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/2/2012 2:45:45 PM
   of 40
Latest B.C. Cease Trade Order Status on PYCT

Here is the website to use to access the official CTO list. Note: the list updates daily to remain current.

See page 71 in linked list below.

BTW, there is paperwork required to be formally submitted by Paychest prior to the START of the one year clock. As it has now been over 14 months since the CTO began, someone that may be interested might want to drop a line and ask Tom Hands (Paychest IR) if the company ever got around to filling out and filing the required forms. Without completing the proper paperwork the CTO will not be lifted, no matter how much time goes by. It could be that Paychest doesn't think that it's worth the effort to obtain Canadian shareholders? Who knows what's really going on behind the curtain at the company.

Good day to all.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/3/2012 12:23:47 PM
   of 40
Mibus Inc. (World-Wide Sales for Paychest) Status

Here is the website to use to obtain the latest status for Mibus Inc. The company continues to be in DEFAULT even though Paychest is supposedly in product production since last November and is trying to find distributors and make sales.


Business Entity Information

Status: Default
File Date: 12/5/2011
Type: Domestic Corporation
Entity Number: E0649822011-8
Qualifying State: NV
List of Officers Due: 1/31/2012

Officers Include Inactive Officers
No officers found for this company

Why is Paychest letting this company remain in default? Is Paychest really trying to sell product or, as some posters say, are they just clowning shareholders around? This is somewhat puzzling, just like recently spending their limited funds on penny stock promoters (such as shakerzandmoverz), instead of any product marketing efforts such as trade shows, conferences, magazines, etc. This just doesn't make much sense to me.

So, just what's really going on? It's like Patrick Hornung, semi-busy real estate agent, never heard from in connection with Paychest, doesn't want his name on it and nobody is willing to pay the fees due (which are now up to $500 and will continue to rise). Interesting of note is that this company didn't even exist on paper until 3 days before the Paychest PR. Since the PR was issued nothing has been done. Sure looks like some clowning around to me.

PayChest: Hornung (25 Year Senior Sales Executive) Running North American Sales & Marketing

HONG KONG--(Marketwire - Dec 8, 2011) - PayChest Inc. (PINKSHEETS: PYCT) (the "Company") is pleased to announce the appointment of Mibus Inc. and its President, Mr. Patrick V. Hornung as the exclusive North American Sales & Marketing Agent for PayChest's Flushaway® technology sales and marketing management. Mibus Inc. is a private company incorporated solely for carrying out the sales/marketing agency role.

Patrick V. Hornung is a sales and marketing expert, with a 25 year track record, in achieving high sales growth of fast moving consumer goods. He is well versed in the needs of the retail sector and has proven, FMCG and senior sales & brand management experience in organisations such as Nabisco, Sepps Gourmet Foods, and direct experience of selling & marketing feminine sanitary products at Kimberly-Clark in Peru.

Under the direction of Patrick, Mibus Inc. has the discretion to engage other distributors, agents, PR companies etc., as it sees fit, to achieve the target North American sales growth, market penetration and profitability that has been reviewed, discussed, and agreed with PayChest.

Over recent weeks Patrick has guided and directed improvements in product branding, packaging and pricing. These improvements have already made the product more attractive for retailers and consumers and will be published later.

As planned and previously announced, Tobie Oliver is undertaking more sales and marketing activities and will work closely with Patrick.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/3/2012 12:37:21 PM
   of 40
List of Questions Submitted to Paychest on 6/15/12

Below is the list of 21 questions submitted to Tom Hands (Paychest IR) back on 6/15/12. Except for questions #3 and #19, which are obviously in-work with the current efforts to resolve the on-going legal DTC "Chill" (as indicated in the 2Q2012 report), no other status/responses to questions have been offered by the company. Maybe if any shareholders here would like to obtain this information about their investment in PYCT, they could resubmit this list and add any of their own additional questions so that maybe the company would see that many people have the same questions and concerns about the company. This then may give Paychest management the impetus and make it a priority to provide some kind status and answers to the investing public. Just a thought.

Background: I've made an attempt to crisp up my previously posted board questions from the late May and early June timeframe. I've also included other questions that were either directly taken from posts by other posters, or questions I derived from various other poster comments. Note that I may have missed some posted questions so please don't take offense or think that I'm trying to intentionally hide anything. This was the best I could do for the limited time I've allocated for this effort.

1) When is the company planning on conducting its annual shareholder meeting, so as to enable completion and vote on the Articles of Incorporation By-Laws update?

2) Missing documentation and independent financial data audit:
a) What is the latest status in obtaining the various missing supporting documentation understood to be in Mr. Pillay's possession (e.g., book value of equipment, equity investments and the unrealized loss for prior years) as was identified on pages 5 & 24 of the 2011 Annual Report?
b) And, along these lines, who has been tasked to run this to important issue to closure?
c) Also important and related to this, when does the company expect to have an independent financial audit completed?

3) Has the company made any attempts, or is it and/or the Transfer Agent currently engaged in trying to help resolve the stock buying halts recently initiated by TDAmeritrade, DISNAT, Zecco and possibly others?

4) When should investors expect to see the latest Mibella products and packaging info on the company website (the website currently states "Mibella packaging options available shortly.)"?

5) Does the company intend to advertise their products in any magazines, journals, trade shows and/or conventions? If so, when should investors expect to see such advertising campaign initiated?

6) As Women show to be VERY brand loyal to these types of personal products, can the company comment on its plans and what specific marketing measures will be pursued to try and convince women to change from their current name brands?

7) Does Xinpro Manufacturing of China only produce film for their work share in product production, or are they also responsible to produce the end product(s) and/or its packaging?

8) What is the basic quality control process being implemented by Xinpro Manufacturing, Paychest employees, and/or any independent 3rd party assessor, that checks to ensure that products as produced and shipped are safe for consumer use?

9) Where exactly is XINPRO Manufacturing of China located, as shareholders have been unable to verify the existence of this business in the Shanghai area (as was previously identified in a company PR)?

10) How does a potential retailer or distributor go about contacting the PYCT Worldwide Sales Force?

11) Now that the company has registered the Mibella product name with the FDA, will it also be registering the product? If so, when is this expected to be completed?

12) For the David Shaw contract, how many end product items (e.g., number of pads and/or liners will be packaged and shipped in each single container)?

13) For any regions or countries not within the Marketing Rights agreements, would the company consider selling Mibella products via the company website and/or from Amazon, Ebay or other similar E-Store?

14) Patent and Technology License:
a) Does the company intend to submit an application for an item, process, and/or product patent for the Mibella product(s) now in production since last November?
b) Related to this, how long is the company planning to continue licensing the Flushaway name and technology?
c) Lastly, why is the note for the "Flushaway" technology agreement renewal, planned for next month (July), being tied to common share conversions instead of just a higher royalty fee, so that shareholders don't realize more massive share dilutions?

15) At what point would the company foresee the start of the research and development for follow-on products such as diapers and wipes?

16) From Page 7 of the 2011 Annual Report, it states "The company has no full time employees." When does the company plan to add some full time staff into the mix and what capacility will they serve (e.g., management, marketing, sales and accounting, etc.)?

17) If a Webcast is conducted will it be posted on the Company website?

18) Referring to page 7 of the 2011 Annual Report is states "Product samples have been manufactured and distributed and with ... ". Who were the recipients of the products (e.g., retailers, potential investors, existing registered shareholders)? Would the company now be willing the to ship a product sample if requested by an individual (similar to what Gillette did for their Mach 3 Razor promotion)?

19) Does the Transfer Agent require more funds (cash and/or stock) before they will process and retire the 100,000,000 shares bought in the open market by the company in February 2012? If this is not the cause of delay, what specifically is the hold up and when is the stock retirement process expected to be completed?

20) Was the Hong Kong location for Rich Capital International Enterprise Ltd., as identified on Page 21 of the 2011 Annual Report, made in error, as investors have been unable to verify the existence of such a business at that location? Also, do you know a John Banks from any of Paychest's business dealings to date?

21) Can the company comment on if it has knowledge or any documented proof of an alleged, currently existing, naked short situation in the stock?

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/4/2012 11:39:27 PM
   of 40
Distributor David Shaw & Company is MIA ...

The effort to verify the Paychest PR regarding the P.O agreement and distributor David Shaw & Company has hit a dead end (it is Missing In Action). Pursuit in verifying the existence of David Shaw & Company appears to be something akin to the "Where's Waldo?" game. If anyone has other leads or contact information pertaining the distributor company identified in the subject PR so they can be verified, please feel free to share it and this post will then become obsolete.

a) The Paychest PR:

APR 16,2012==PayChest Receives $1.2 Million Purchase Order

HONG KONG--(Marketwire - Apr 16, 2012) - PayChest, Inc. (PINKSHEETS: PYCT)

PayChest Inc. (the "Company") is very pleased to announce it has received its first Purchase Order worth $1.2 million.

The Purchase Order, from David Shaw & Company in the UK, requires delivery of 16 containers of Mibella flushable and biodegradable sanitary products over 12 months. Each container of product is worth more than US $75,000 in gross revenue to the Company.

David Shaw & Co. is a UK & Ireland distributor with more than 30 years' experience selling to large UK, Irish and European retailers.

b) The quest to verify the existence of David Shaw & Company:
A concern exists on the inability of investors to verify statements made within the Paychest PR regarding a product distributor called David Shaw & Company of the UK.

Some investors have expended time and effort in trying to verify the actual existence of a product distributor business identified as David Shaw & Company of the UK (per the company PR). Three potential candidate businesses were identified, with only one having contact information listed (but which was indicated to not have done any real business in years). This identified information is depicted in item c below. Attempts made by me to contact this business through the listed e-mail were unsuccessful. Other posters indicated they tried the listed phone number and it was not in service. As of today no further additional clarification been disclosed to the public by Paychest. Because of this lack of being able to verify the existence of the company, there is some concern about the subject press release.

c) The resulting leads identified for a potential business called David Shaw & Company:

Billing Contact ID: TUKABDBEHK895E72
Billing Contact Name: David Shaw
Billing Contact Organization: David Shaw and co
Billing Contact Address1: 36 Stoneyfields Lane
Billing Contact City: Edgware
Billing Contact State/Province: Middlesex
Billing Contact Postal Code: HA89SL
Billing Contact Country: UNITED KINGDOM
Billing Contact Country Code: GB
Billing Contact Phone Number: +44.02089598308
Billing Contact Email:

Once again, if anyone has other leads or contact information pertaining the distributor company identified in the subject PR so they can be verified, please feel free to share it and this post will then become obsolete.

Good day to all.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/5/2012 12:05:55 AM
   of 40
Paychest States DTC "Chill" Due to Broker Stock Sales ...

Reference from page 6 of the 2Q2012 report: "The Company has been delayed in pursuing this due to a small core team that has been addressing a temporary 'chill' imposed by the Depository Trust Company and the extended absence of the President, for personal reasons. As far as the Company can tell, the temporary chill was triggered as a result of an increase in issued and outstanding shares, caused by preferred shareholders converting."

I'll bet a couple of posters are feeling pretty silly right about now due to this revelation that the "Chill" was instigated by the real DTCC (and wasn't some internal brokerage office/department as some were incorrectly stating), and that it has to do with preferred shares being converted by insiders (financiers), and not some make believe naked shorts in PYCT. I do give credit to the company for finally looking into this topic after a question about it was submitted to Tom Hands (Paychest IR) on 6/15/12. What it will take to wrap up the resolution and when this may occur is currently anyone's guess. It is hoped that once that occurs Paychest will openly disclose what transpired and issue a PR.

Anyway, good day to all.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/5/2012 2:25:39 AM
   of 40
Point - Counterpoint on Paychest Activities and Progress

Many interesting points and statements have been made regarding Paychest over the past few months. Most points are worthy of consideration and potential further discussion. Resulting comments and questions were generated to bring to light counterpoints and clarifications.

Statement: PYCT is short

Comment: Agreed, Paychest is "short" of providing verifiable details in most of their PRs, they're "short" of actual product sales, and were "short" for several months of having an active CEO present to work off issues and move the business forward. The one thing Paychest isn't short of is common shares at ~28 billion.

Statement: PYCT has something of great value to protect.

Comment: This assertion is unclear. The company doesn't retain knowledge capital (i.e., no product or process patents granted to Paychest), has no real estate assets (i.e., no office building, and no factory or production machinery as Xinpro owns those - if it even exists), and New management (according to the financials) has continuing concerns over missing documentation regarding the book value of misc. equipment, equity investments and the unrealized loss for prior years. It could be that if someone stretches the idea, the shareholder base could be considered to be of "great value" as Paychest has previously indicated each new shareholder is worth a $300-$500 investment.

Statement: PYCT dealt with 2 fraudulent lawsuits from the shorts

Comment: If the lawsuits were indeed fraudulent as indicate, then why did Paychest settle and pay out? Doing so is a breach of fiduciary responsibility and the company and its officers then would be liable to shareholders for legal action.

Statement: PYCT spent about $35,000 buying back shares

Comment: Yes, Paychest announced and has claimed to implement a 300 million share buyback, while at the same time proceeding to convert preferred shares and issue billions more common shares into the O/S. The DTCC no doubt found this quite "chilling" reading in the 2011 Annual Report and had some pointed questions on just what all was going on. Hopefully, these questions will be cleared up shortly.

Statement: PYCT has spent tens of thousands on market awareness

Comment: It's entertaining to see the term "market awareness" associated with penny stock promotions. Most companies use this term with assessing/obtaining market share and consumer acceptance for their marketed products and services. Regardless of how the term is used, it's enlightening to see Paychest use so much of their time and limited funds on stock promotions while spending nothing on marketing efforts of their feminine products. This doesn't make much sense to many people.

Statement: PYCT has spent over $100,000 on setting up the dividend

Comment: This is undisclosed news and is quite interesting. As nothing to support this large amount of expense in Paychest's financials or issued PRs has been identified, it is requested that the source be identified or a link provided. It is curious though that if the company spent all that alleged money on setting up for the dividend, then why would they allow Paychest (Oregon) to go into DISSOLUTION (NOTICE LATE ANNUAL on 05-11-2012 and ADMINISTRATIVE DISSOLUTION on 07-06-2012). This situation doesn't seem to make any sense.

Statement: PYCT has spent money on 2 (perhaps 3) DTCC share audits

Comment: This is good to see and quite warranted to keep their books clean and try and stay on top of share counts attributable to changing shareholders and the preferred share/notes payable conversions. An example benefit from doing these kind of audits was identified on page 26 of the 2011 Annual Report - "In June 2011 the Company completed a stock certificate audit with the Depository Trust Company. The audit identified an increase in the number of shares to be reported and an adjustment increase was made of 124,014,285 common shares, although no new shares were issued."

Statement: Can't find one company in the trips that has NEVER sold paper nor one that has gone this many years without selling any paper. So far as preff shares sold, the buyers of these shares must see a value in the company or they are out of luck ....PYCT has immense value and those buying preff shares know this from the NDA they signed.

Comment: Evidently the buyers of the preferred shares do see some value as Paychest is now even entering into toxic finance arrangements that enable preferreds to be converted at a discount to the current market value. This means instant significant profit IF they can actually get the shares sold into the general market. For those not offered a discount, if preferred shareholders see such a value in the Paychest then why are they converting their preferreds into commons as soon as the waiting periods are over, and by doing so effectively eliminating their priority status in case of company liquidation? By doing these conversions as soon as they are allowed, the financiers are, at a minimum, giving the impression that they are already or intend to sell their newly issued common shares as each new buyer steps forward. However, as has been demonstrated over the past several months, even with having some 6000+ existing PYCT shareholders and various stock promotions funded by either the company or 3rd parties, the financiers are/will have trouble in selling shares of any appreciable quantity. As such, no doubt this situation is of great concern for them.

Good day to all.

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/5/2012 2:28:22 AM
   of 40
More Point - Counterpoint on Paychest Activities and Progress

Some more interesting points and statements that recently have been made regarding Paychest. Most are worthy of consideration and potential further discussion. Resulting comments and questions were generated to bring to light counterpoints and clarifications.

Statement: Not once has the company "pumped" the stock, in fact they seem as if they could care less if we buy or sell their stock, these people are focused ONLY on building and growing a business to generate revenue, retail market exposure, and going global with sales.

Comment: Paychest has obviously tried to "promote", or "pump" if you prefer, the stock with issuing many PRs (most having little which could be independently verified or have come to pass as being true) and by paying promotions sites such as moverzandshakerz who e-mail bombed thousands of penny investors. If that isn't promoting to try and acquire more interest in buying PYCT shares, then what is?

Statement: The Shakerz promotion was a trap to test the market makers and they PASSED WITH FLYING COLORS!!!!! The owners wanted to test the headwinds and got their wishes!!

Comment: If the company's true reason for spending the $10K was just to try and further trap an alleged naked shorter, then I'd have to say they breached their fiduciary responsibility to shareholders. They should be spending their limited time and funding on producing and marketing products to INCREASE SHAREHOLDER VALUE, and NOT on looking for more ghosts.

Statement: Flushaway products, installed the machine tested it, tweaked it, thinned out the film for higher profit margins, and has been up and running at 100% capacity since production start minus the holidays. Prior news indicated this was the first in a series of machines to be built.(subtle words overlooked by many)

Comment: The first in a series of FILM machines, as many would be required to meet any type of appreciable production run rate. Nowhere can any company published documentation be found that Xinpro will have, or is intended to have, other types of machines necessary to produce the pad and liner end products or perform packaging operations. If someone can state this as not the case then please provide a source or link.

Statement: What did Paychest show the people that own Xinpro that enticed them to lay out millions of dollars for over a year with ZERO payday ?? It seems logical Paychest already had at least one HUGE contract, purchase order/agreement with some heavy hitter and proved that to Xinpro. Xinpro most likely said OK, but we get the rights to manufacture all Flushaway/Mibella products and all future products that spring from the patents.

Comment: The assertion of some HUGE contract being used to motivate Xinpro is unfounded and NOT logical. It's much more logical to assume that Paychest promised Xinpro a significant portion of the revenue stream as Xinpro is taking all the risk and spending all the money to get the factory up and running, labor, utilities, etc. (and even more of the money if it's assumed Xinpro is producing the end products and doing the packaging). Also important, is if Paychest already had a HUGE contract when this post was made, then why aren't they sharing the good news with the shareholders and investing public to help support the share price? Doing so would be a detriment to shareholders and therefore makes little sense.

Good day to all.

Share RecommendKeepReplyMark as Last Read

To: xinpro who wrote (22)11/12/2012 10:57:13 PM
From: mortalmyth
   of 40
Well, it has been 11 months now and the only thing I see is many issued Paychest PRs that had little to no verifiable information and a persistent NO-BID PYCT share price. Oh, that and the on-going CTO in BC Canada and the imposed DTC Chill. Was there something else that you thought would happen by now?

Share RecommendKeepReplyMark as Last Read

From: mortalmyth11/12/2012 11:05:56 PM
   of 40
Paychest insiders are thinking big, at least some of them.

The benefactor(s) at Rich Capital (who is that again?) now must be salivating at the thought of soon converting their preferreds into billions of commons at a huge DISCOUNT to the market price. Now there's no denying that IS thinking BIG!

As indicated on page 21 from 2011 Annual Report, Rich Capital evidently has the distinct privilege to "On or after September 1, 2012 the recipient can convert payments due into common shares at 75% of the market price at that time." Note: it must be nice to have that kind of clout with Paychest to demand and receive such favorable terms, eh? Real fair to shareholders who once again are getting ready to take it on the chin.

Anyway, another day in the life of Paychest.

Share RecommendKeepReplyMark as Last Read
Previous 10