PayChest Inc. Commercial Production Update
March 02 2011 - 11:49AM
Marketwired
PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is very pleased
to announce the start of a manufacturing contract for the
production of Flushaway® products.
Terms agreed for a Manufacturing Agreement with Xinpro
Manufacturing signed December 2nd, 2010 become effective by the
first half of March 2011; upon completion of a dedicated
manufacturing facility, in the Shanghai area, and the delivery of
the first machine tailored exclusively for Flushaway® production
and use.
On December 7th, 2010 Xinpro paid a down payment to a film
machine manufacturer to make a new machine designed to produce
polyvinyl alcohol film. The machine manufacturer has confirmed to
the Company that delivery is now imminent. A tour and review of the
manufacturing facility last week by the Company confirmed
preparations are now complete and ready for machine delivery.
This is the first time a supplier has purchased specially
designed machinery specifically for the dedicated and exclusive
production of Flushaway® products. It is also the first of a range
of production machines to be purchased for this purpose.
Polyvinyl alcohol film is a key part of Flushaway® enabling the
finished product to perform during use but remain flushable and
biodegradable at the time of disposal. The film will be produced
using specialized materials, formulations, know-how, patents,
patents pending and a unique production process.
Patents and a new patent application (patent pending) that
protect the intellectual property of Flushaway® and the film are
based on those licensed to the Company. A number of patents and
patents pending are used in the production of the Flushaway® brand
of pads and liners. One patent that was pending had appeared on the
WIPO web site (World Intellectual Property Organization) was
recently discontinued by the licensor in favor of a superior design
solution resulting in a new patent application.
In anticipation of upcoming commercial production, .the company
has recently expanded its sales force activities worldwide as sales
representatives have met with potential distributors, retailers and
wholesalers in Europe, China and, in particular, North America.
Strong interest has been expressed in the Flushaway® brand of
products.
Management is extremely pleased with the recent business
developments and expects commercial production to start shortly
after machine installation.
Shareholders, interested investors and potential consumers
should keep a close eye on the series of upcoming news releases and
the company website www.paychest.com for updates. A news release
will be issued when commercial production begins as well as
information where the product can be purchased.
About PayChest (Arizona)
PayChest, a global marketing company and developer of technology
solutions and its strategic partner companies, market and
distribute select products and services worldwide, which provide an
increased public awareness to conserve and preserve the world's
limited resources.
About the proposed dividend of subsidiary PayChest (Oregon)
PayChest and its strategic partner companies are developing
integrated commerce processing solutions utilizing cutting edge
technologies to deliver in store, online and mobile solutions
globally. These include turnkey point of sale solutions, gift and
loyalty portal systems, ACH electronic systems, online and mobile
payment platforms and rewards-based platforms to integrate into an
existing business system.
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," "can" 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.
Contact PayChest, Inc. ir@paychest.com Tom Hands: 604-628-1984
from overseas: +1-604-628-1984 Tobie Oliver: 1-800-624-7479 from
overseas: +1-714-274-7206
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