| 1: |
What is PayChest’s shareholding? |
| Ans |
PayChest currently has 100 billion authorized shares with approximately 22.5
billion outstanding shares. Moving forward, no new shares will be issued
without the necessary filings and informing the public. There are no plans to
issue new shares until we are profitable and stable. |
| 2: |
What is the progress on PayChest’s First 30 day plan? |
| Ans |
Paychest Management has implemented ALL of the changes mentioned in the 30 day
plan with the exception of two remaining items that were awaiting the
confirmation of the filing changes of ownership that was lodged with the
Arizona Corporate Commission. Although Mr.Pillay is now reflected as the
president, the Arizona Corporate Commission has still not changed the company
address. This continues to be a comedy of errors on their part. We have
contacted them to correct the address change. Paychest will take occupation of
its new corporate office on the 15th of December 2006. This was concluded on
the 11th of December and we expect to be fully moved in before Christmas. Our
new address is the Contact Us Page. We will also proceed with Holladay Transfer
company to be our official Transfer Agent. Mr.Pillay would like to thank the
public for their patience during the transition. |
| 3: |
Will there be a reverse split or buy back and how will management restructure the current stock position of the company? Also are there any expectations for the PPS? |
| Ans |
No, there will not be a reverse split or buy back until further notice.
Management realizes that a reverse split will not have any benefit to the large
number of loyal shareholders who have paid much higher prices previously. This
allows old shareholders ample opportunity to gracefully liquidate their entire
portfolio at better market driven prices or to buy more shares to average down
their share portfolio, thereby enabling them to have a better chance of
recovering from their previous losses. It also allows new investors an early
opportunity to purchase at more affordable prices. Stock consolidation will be
necessary, when management decides to upgrade PayChest to the bulletin boards
or higher. Management will consider all available options in order to have the
most positive effect for shareholders and the future of the company and the
public will be given a minimum of 3 months notification of it's decision. In
the interim, the PPS will be determined by a combination of market forces,
shareholder loyalty, outstanding share volume and management’s ability to
execute on its business plan.
|
| 4: |
Are Messer’s. Cerda and Pino, a part of PayChest? |
| Ans |
No they are not, but as part of the transition we had to engage their
participation to fulfill a smooth transition. At this stage, we do not see the
need for any of their services any longer.
|
| 5: |
Are there any assets in PayChest? |
| Ans |
Yes, we are currently in negotiations to sell or liquidate some of these
assets. We will even consider redeeming PayChest stock for some of these
assets. These negotiations will be reported in the next quarter’s financials.
We have concluded negotiations with regards to PYCT's ownership of PayChest. We
are pleased to inform our shareholders that PYCT now owns 100% of PayChest.
This represents a 40% increase in PYCT's previous shareholding, without any
current or future financial burden to PYCT. While concentrating on delivery,
management will continue to add value through further negotiations. |
| 6: |
Is the SEC shutting PayChest down and are there any legal actions? |
| Ans |
The SEC’s investigation of Mellon Research was for improper practices and
reporting. This has no bearing on the new management’s involvement with
PayChest. The SEC has not been in contact with Paychest for a long time prior
to the new management takeover. We do not anticipate any further issues and are
fully prepared to co-operate with them in the future. There are no pending or
outstanding legal actions. The SEC will not shut Paychest down.
|
| 7: |
What is PayChest's involvement with XMET, WSSE and Western Pacific Mining? |
| Ans |
Paychest shareholders were paid dividends for each one of these companies in
the past. Paychest no longer has any interest with XMET and WSSE and they both
have their own trade symbols. Western Pacific also had a trading symbol which
went into a dormant status because of inactivity. We will inform you of any new
developments with Western Pacific as it becomes available. |
| 8: |
Is PayChest bankrupt? |
| Ans |
No, to the contrary PayChest has assets. See the latest 3rd Quarter financials. |
| 9: |
How will PayChest pay for its operations and technology? |
| Ans |
PayChest is currently being funded by Genfin and its partner companies. |
| 10: |
Is PayChest directly associated with any other public company? |
| Ans |
No, PayChest is not directly associated with any public companies at this time.
It does, however, possess shares of companies, in accordance with previous
management’s decisions, which have been inherited as assets. |
| 11: |
What is the contact information for any investor or stock questions? |
| Ans |
Please direct all questions or inquiries to E-mail :
info@paychest.com or refer to the Contact Us portion of the website. |
| 12: |
Why did management buy into PayChest? |
| Ans |
PayChest was acquired because of its online business concept and its large
number of shareholders. Furthermore, PayChest trades actively. |
| 13: |
Can we expect frequent public news? |
| Ans |
News will be made available based on material events. The website will serve as
the medium for most of PayChest’s news. |
| 14: |
Can we expect changes to the website? |
| Ans |
Expect constant updates to the website as PayChest grows through 2007. |
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