HONG KONG — (Marketwire) — 11/10/11 — PayChest, Inc. (PINKSHEETS: PYCT)
PayChest Inc. (the “Company”) is very pleased to announce the start of commercial production of a new design of Flushaway® sanitary products.
Flushaway® is a uniquely flushable and biodegradable range of patented sanitary products, expected to be price competitive to industry majors.
A flushable sanitary product solves a major problem for the consumer making after-use disposal discreet, private, easily accessible, hygienic, and clean. A biodegradable product ensures speedy elimination of the waste. The American testing standard ASTM D5988-03 requires the product biodegrade in 180 days, while our Flushaway® products biodegrade in 71 days. Flushable tests were carried out by Brunel University, England, and more recently by Air Products Polymers in the U.S. Sanitary products from industry majors are not flushable or biodegradable and estimates suggest they take 200 years or more to degrade.
A manufacturing agreement with Xinpro Manufacturing became effective in March 2011 when Xinpro completed the setup of a dedicated Flushaway® manufacturing facility in the Shanghai area, and the subsequent delivery of the first tailor made machine. This was the first in a series of machine purchases by Xinpro for producing Flushaway® in accordance with our new patent (patent pending).
This first film production machine and newly developed film manufacturing process, designed in the US, manufactures a cost effective, polyvinyl alcohol film using specialized materials, formulations, and know-how. A high quality film, along with patented treatment and other preparations, is key to ensuring the finished product performs during use while remaining flushable and biodegradable at disposal.
Retailer acceptance of Flushaway® has already been demonstrated by Consolidated Ecoprogress, which achieved sales of an earlier version to many stores including Walmart (USA), Boots (UK) and Big W (Australia). Under a license agreement initially issued by Ecoprogress, we are producing a lower cost product that performs better, and anticipate higher gross margins under the current PayChest business model.
The Company is confident Flushaway® will deliver “more for less” to the consumer by providing a product:
that has equal quality with the extra features of flushable and biodegradable
at a lower or equal shelf price to industry majors (such as Proctor and Gamble, Kimberly-Clark and Johnson & Johnson)
More details on the product can be found at .
The Company is focusing its efforts on sales and will make an announcement when information is available.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company-s filings with OTC Markets .
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Historical news releases on the Company can be found at .
Contact:
Paychest, Inc.
Tom Hands
416- 619-5242
from overseas: +1-416-619-5242
Tobie Oliver
1-800-624-7479
from overseas: +1-714-274-7206
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