HALLANDALE BEACH, Fla., Oct. 11, 2005 (PRIMEZONE) -- Payless Communication Holdings, Inc. ("PCH") (Pink Sheets:PCNH) today announces to its shareholders, that PCH has elected to rescind the agreement for the acquisition of a 76 percent interest in the oil and gas rights located in Wyoming under the SE Cyclone Lease. The agreement provided that if sufficient financing was not arranged within 120 days, the Company has the right to cancel all shares issued in the transaction and PCH has elected to do so. The Company also would in return for the cancellation relinquish any rights in the SE Cyclone Lease. The principals involved in the transaction who brought the SE Cyclone Lease to the Company have failed to return the shares which necessitated the Company's action in the cancellation of the shares pursuant to the agreement. The Company's transfer agent has been instructed to cancel the shares. This will significantly reduce the issued and outstanding shares of the Company and return them to the treasury.
About Payless Communication Holdings, Inc.:
Payless Communication Holdings, Inc., and through its subsidiaries and acquisitions, offers services such as local and long distance phone service, Voice Over Internet Protocol (VOiP), WiFi/WiMAX technology, and Internet Protocol Television (IPTV).
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.