PayChest Inc. Starts Commercial Production of Flushaway(R)
10 November 2011 - 9:33PM
Marketwired
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
www.paychest.com.
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
http://www.otcmarkets.com/stock/PYCT/financials.
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
http://www.paychest.com/news.htm.
Contact: Paychest, Inc. ir@paychest.com 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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