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Ive been told by a source that Flushaway will be in walmart before long.They have been pretty accurate with their info in the past.GLTA.
Lol even if they do it will be CES's contract and Pyct will have to produce that order.
What's PYCT's take on production of that order?
Ask Tommy that question!!!lol
Ces is shut down,No money,not trading,no one working so who working on getting orders.
Actually who working for both pyct and CES getting orders?
Tommy?
Tommy is too busy selling/telling people to get on board at .0001 to be also working on orders!
Dip66,u say "Isn't it something all the bashers that were here over the last two months all of a sudden vanished"
Wrong and nothing has changed still waiting for the company to announce financing.If true insiders are putup coin then it shouldn't be so hard to announce just that fact.
"and someone has been loading up these last few days"
Yah a few bought $3-4K worth of shares...from what I understand not all LETTERS have gone out and are going out in stages so you get some buying when these letters recieved.
Don't for get the letters are telling everyone to buy now at .0001-.0002 before the uptick...Again what a guy this Tommy boy making and giving everyone plenty of time to buy at this all time low of .0001..xmas in July I say!!
Distribution to retailers include:
Worldwide Wal-Mart, Kmart, Safeway, CVS, Walgreens, Target, 7-Eleven, Whole Foods and Rite Aid.
Dip66 stop trying to fool readers!!Those above Distributors you post belong to CES contracts list they do not belong to PYCT!!
Read the PR!!
Pyct is responsible for production of orders when CES gets orders.
Or of course responsible for production and distribution when PYCT gets it's own contracts/orders.
But for now CES is dormant,broke and not trading.
The also need money to move forward.Maybe Tommy can get them some aswell otherwise you just spinning u wheels.
Dip66/Sparco what you getting all excited about?
This has happenned before this 100% gain to .0002 and then more shares come at .0001.
Trust me they have shares for sale why else would they tell you/the world to get on board at .0001?
Do you really believe they out to make us money With this LETTER informing the world to get on board?
So far whoever bought at more then .0002 could of got 2x more shares for the same money hours later.
Same will be the case today,
I hear them Letters weren't sent out all at once.
Why couldn't they send 6500 letter at once?
IMO not too difficult to mail letters unless of course the plan is to send them out at different times to create buying interest after the first phase of buying interest fades.
Don't forget Letter wants you too buy at .0001
Do you really think that they out to make sure you get on board so you make money and retire early or they got shares for sale?
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
committed to further expenditures on Product Development
Capital Resources
The Company is not committed to further capital expenditures for the purchase of property, plant and
equipment but is committed to further expenditures on Product Development. During the fiscal year end
June 30, 2006, on June 7, 2006 the Company announced that it has reached an agreement in principle
with QuarTek Corporation of Greensboro, North Carolina whereby the Company will license certain
nanotechnology products for use in the Flushaway products. In return, the Company will issue 4,150,000
shares and pay QuarTek US$300,000 in five installments between June 30, 2006 and March 1, 2007.
The Company will issue an additional 2,500,000 shares upon implementation of the licensed technology.
The Company issued 4,150,000 shares and paid US$100,000 in the year ended June 30, 2007.
As of June 30, 2007, the Company had 750,000 outstanding share purchase options with an exercise
price of $0.25, 960,000 options at $0.10, 820,000 options at $0.20, 1,093,500 options at $0.15 and
2,657,000 options at an exercise price of $0.145 for a total of 6,280,500. Subsequent to year end,
1,075,000 options were cancelled and 3,000,000 at $0.10 were issued.
At June 30, 2007, the Company had 20,250,520 outstanding share purchase warrants (with exercise
prices ranging from $0.12 to $0.29). Subsequent to year end another 7,365,400 warrants, exercisable at
$0.10 per share, until July 11, 2008 were issued. During the year 450,000 warrants were exercised for
receipts of $45,000. Subsequent to year end, on July 11, 2007, 4,000,000 at $0.11 per share were
exercised and the balance of the warrants outstanding expired.
Transactions
The fulfilment of orders during the year was hindered by production problems and, subsequently, the
failure of Ecoprogress Australia to pay the $138,500 it owes the Company. As a result production halted
in November 2006 and has not resumed since. Consequently the Company has written off the $80,000 of
inventory which it holds, and which still has value, as it cannot reasonably foresee resumption of
production. This amount was written off to Cost of Goods sold, resulting in a negative profit margin for the
year. In addition, despite raising $688,000 in 2006 and 2007 the Company was still seeking significant
additional financing. In March, 2007 the Company received an offer from April 1 Project (“API”) which the
Company had been working diligently to complete through to early 2008. Unfortunately API were unable
to complete the deal and on May 7, 2008 the agreements were assigned to Paychest Inc., based in
Arizona. As a result of the difficulties the Company was experiencing with completing the API deal, the
Company was forced to make other arrangements and, on February 8, 2008, the Company made a loan
agreement with Cardiff Bay Holdings, a Hong Kong based company, through which Cardiff Bay agreed to
loan the Company up to $200,000 at an interest rate of 15% per annum for a period of one year. The loan
agreement is secured by a promissory note and a general security agreement on the assets of the
company. The financial results are discussed in more detail in Results of Operations below.
production HALTED in November 2006 and has not resumed since.
The fulfilment of orders during the year was hindered by production problems and, subsequently, the failure of Ecoprogress Australia to pay the $138,500 it owes the Company.
As a result production halted in November 2006 and has not resumed since. Consequently the Company has written off the $80,000 of inventory which it holds, and which still has value, as it cannot reasonably foresee resumption of
production. This amount was written off to Cost of Goods sold, resulting in a negative profit margin for the
year. In addition, despite raising $688,000 in 2006 and 2007 the Company was still seeking significant additional financing. In March, 2007 the Company received an offer from April 1 Project (“API”) which the Company had been working diligently to complete through to early 2008. Unfortunately API were unable to complete the deal and on May 7, 2008 the agreements were assigned to Paychest Inc., based in
Arizona. As a result of the difficulties the Company was experiencing with completing the API deal, the
Company was forced to make other arrangements and, on February 8, 2008, the Company made a loan
agreement with Cardiff Bay Holdings, a Hong Kong based company, through which Cardiff Bay agreed to
loan the Company up to $200,000 at an interest rate of 15% per annum for a period of one year. The loan
agreement is secured by a promissory note and a general security agreement on the assets of the
company. The financial results are discussed in more detail in Results of Operations below.
Results of Operations
For the quarter ended September 30, 2007
Revenue during the three months ended September 30, 2007 were $8,756 (2006: $95,659) derived from
the quarterly amount of deferred revenue from the S. China distribution rights. There were no sales
because there was no production as the Company does not have the financing to commence and
continue full scale operations.
Operations costs of $17,787 (2006: $50,261) declined as there was no production in the quarter.
Activities were confined to developing new production and financing relationships. Sales and marketing
costs were $Nil (2006: $114,172) because there were no sales in the quarter.
General and administrative expenses of $216,877 (2006: $217,988) were approximately the same.
Consulting expenses were up significantly at $45,043 (2006: $3,140) as a result of using outside
consultants to find long-term financing. Management and administration fees fell from $55,747 to $24,629
as a result of the resignation of the CFO in early August. Professional fees increased from $10,569 to
$26,956 as a result of the extra expenses involved with the API deal. Shareholder communications fell
significantly from $104,086 to $67,841 because in 2006 there was a lot more activity promoting the
private placement. Stock based compensation rose from $3,088 to $12,728 as a result of the 3,000,000
options granted in the quarter.
Research and Development costs rose to $9,474 from $5,144 as there was more patent and trademark
activity.
As a result of these reductions in expenses, the Company showed a net loss of $234,981 compared with
$401,150 for the quarter ended September 30, 2006.
At September 30, 2007, the Company’s cash and cash equivalents position was $3,736 (year ended
September 30, 2006: $14,146), with a working capital deficiency of $265,294 (2006: surplus of $128,721).
http://www.sedar.com/
The reality is money is and will not be easy to get for Flushaway.Ces spent 18 months looking and eventually borrowed 200K just complete a yearend audit.
Nov08 will be one year they suspended from trading.
40Billion$ market product and not of the majors stepping in.
Any major could have this technology on store shelves in 6 months.
What will informing the 6500 shareholders of this great deal going to accomplish?
IMO hopefully they don't sell because now there is a bid and maybe buy more(get on board!!) at .0001 is all this letter will accomplish.
Again if they really got the goods no neeed to inform anyone of this great deal other then company PR.
Informing them and wanting them to buy at .0001-.0002 creates demand for shares at this level...You would figure they,friends of insiders and anyone close to this deal would want all them .0001 shares comming to market for themselves.
Instead they telling the world to buy at .0001..
Go figure!
XMas in July?
Anvil you say...Big Tom generated some interest again in this stock, and now nothing.
Yah Tommy went after that large shareholders base of 6500 to generate interest and squat.
Cost $5K and nobody bite even at .0001.
Maybe Tommy/Santa is giving them 6500 time to generate some funds so they could get on board before the eventual uptick!!
So you thinks they sent out millions of letters "for those who don't yet hold the stock"?.....
No I don't think that. They hit the 6500 shareholders that they have adresses for and the redflag is they want them to get on board if they not already.
Maybe some will add to thier position maybe some will tell thier nieghbor,friends and countymen what a great moment in history of the flushable thingy.Easy math 6500+6500+6500...and all for the cheap price of 5000$.
Tommy is looking for buyers of the shares at .0001-.0002 it is obvious otherwise why send out this letter alerting them to get on board?
lol...I would understand the pump to dump if it trading at .0005 or higher...a .0001 pump is strange.
IMO only a RS could explain the logic of wanting buyers at .0001...nobody selling is making money.
What you think?
Pls spare me with sales and production starting soon.
What you think is behind the logic of Santa wanting buyers at .0001
IMO no one would spend 5K to make someone else rich!
Just doesn't work that way!
Yah Banana you say..."The letter was sent to shareholders. Were already on board, don't you think? We need more info. No one seems to be buying much more, or didn't you notice? When their ready, we will know.
Go to sleep, already.
From the LETTER...
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
You right about one thing that No one seems to be buying much more..the $C5,000 for production and distribution of this report/Letter has run it's course.
Stay tuned for the next phase!!!
Imagine they spend 5K to get people to get on board and you say You say I should go to sleep!
Me thinks many should wakeup!!
"as a shareholder I have to hope that the "new management" will do something for us, the common shareholder..."
Yah they sure did!
They sent you a LETTER!!
Gave you a heads up and told to get with the program and get on board before it start to uptick!
What more do you need to know what more can you ask for?
Dip66,post the complaint you made to SEC.
The Dear Investor:Thank you for contacting the SEC.is a auto response.
Did you mention The Letter you got?
You know the one that tells everyone that is not to late to buy pyct?
P.S. Rumor has it that 7 Mile oil/gas gathering in Kentucky Mario Pino purchased a few years back for the company is worth more then this entire venture PayChest/Flushaway is getting into.
OHHH...ANOTHER SERCET!!!
LOL...AND WHERE YOU GETTING THESE RUMOURS?
IF TRUE ONLY YOU HAVE HEARD ABOUT IT...NOT EVEN YOU ARE BUYING ON THIS RUMOUR...LOL
Oh I see so you just pumping this to 3 then.
I wonder if dip66 went out and bought a new car today...
Why don't you guys just admit all you really want is 3 so you could get 3.
Then it would make sense why you don't see the logic here!
Sure H2ever,send it to IR!!
Get back to us with the WHY they include the words "for the forseable future" in THE LETTER..
and here the PR they say...
As a result of the inquiries posted to IR, the company reaffirms its ongoing commitment that it will not implement a reverse split and confirms PayChest's current outstanding stock position is 19.85 billion shares
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=pyct
I think the latter is more conclusive...U?
Sure H24ever I we know how to read a PR the PR say no RS meanwhile The Letter say...
We will endeavour to move the new business model forward and maximize shareholder value and this being said the company remains fully committed to no reverse split for the company shares for the foreseeable future. If you have any questions or would like to be included on our e-mail list for future news releases, please do not hesitate to call our toll free line or contact us by e-mail. All calls and e-mails will be responded to in a timely fashion.
Yours Sincerely
PayChest Inc.
Tom Hands
PayChest IR
http://ragingbull.quote.com/mboard/boards.cgi?board=PYCT&read=38829
said the company remains fully committed to no reverse split for the company shares for the foreseeable future...
that is not the same story when they include the words "for the foreseeable future" that could be anytime after NOW....lol
But he,SANTA, still wants people to get on board today before the uptick
http://ragingbull.quote.com/mboard/boards.cgi?board=PYCT&read=38838
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
Why buy today at .0002 when you could get it tmr or in the next few hrs at .0001
Dip66 you said exact same thing yesterday when pyct traded at .0002 for a minute!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30268418
Is that 100K shares at .0002?
or 100M shares at .0002?
lol...it's a 100K traded 20$ worth and he thinks he hit the jackpot!!
lol...if the dumpers are reading this BB they must be laughing!
I know I am!
Let me check to see if they jumping for joy over at RB cuz of this .0002
http://ragingbull.quote.com/mboard/boards.cgi?board=PYCT&read=39531
And yes they are!!!
and calling for .0003
ah yes and they have a problem with Bashers...It's okay to pump but not too bash.
100K trade up .0002 on a 20$ trade....tooo funny
I don't think this is nonsense...Why do You?
By: poopscooper
25 Jun 2008, 11:59 AM EDT
Msg. 39515 of 39524
(This msg. is a reply to 39513 by sparco.)
Jump to msg. #
How can CES get orders when they are closed?
All in all.. we will be looking back at this basher nonsense on the boards very soon and laughing at how wrong they all were.
That nice sparco but the info most people have is that they have no money yet.
It doesn't look like CES will be getting orders anytime soon they suspended,broke and closed.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29545916
What about the materials?
Are they ready?
You not the only one speaking with Tom!!
so found out that they are still not in full production for the flushaway products, they are still developing it further and it should be released soon as a retail brand
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
They are still developing it further!!
Who are they?
They both have no cash right now.
Ces has had no cash to develop it further it been 18months they broke.
What's Tommy say about that or you would rather not discuss this?
yup...that was someone that just got on board.
Why buy today when you could get it tmr or in the next few hrs at .0001
The selling has been going on for a month.
Haven't you realised that yet.
$40 Billion dollar deal and there is muchoo selling!!
And Tommy/Santa wants you to buy before it too late,you know before the story gets out..
We think these are the only two practical steps
between Flushaway™ today and a massive win
for investors.
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
uknow...The email from Santa say 1M+ from insiders...Why the official PR say squat about 1M$+ from insiders?
In the near term, insiders will finance the first $1,000,000 or more. Discussions are underway for debt financing (non-dilutive), purchase order and accounts receivable financing and lines of credit (all non dilutive).
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29554423
There are no plans in the foreseeable future to raise the authorized capital. However, at a much higher market capitalization, it is possible a private placement may be done to further the business model.
Don't you just love that foreseeable future line.
Maybe he hang up on you because he figures you can't read!
Flushaway(TM) has successfully launched its feminine hygiene products into international markets through large retail chains. These include Wal*Mart, Walgreens, and K-Mart in the US; Waitrose, Boots and Sainsburys in the UK and Franklins and Big W in Australia. The company has also sold into the South African market, through Pick 'n Pay and Clicks as well as into retailers in Hong Kong.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=pyct
or is it he can't write?
Don't worry James you not the only one that got fooled!
62 Million in volume, someone loading up
Why is it loading up?
Can't it be someone dumping?
Don't forget Santa telling someone that it not to late to get on board!!
You would figure that these 3rd world people and all thier friend and neighbours with deep pockets would be scooping this .0001 cheappaper all day long.
Unless of course they being pigs about it and not telling their friends and neighbors.
lol...maybe the letter should be multilingual and let everyone in on this deal.
H24ever...if they got the goods ($$$) they need just sit back and relax no need to tell the world at .0001...no need to tell anyone especially perfect stranger to get on board at .0001
IMO...The only logically reason is someone has shares for sale.
Start telling them at .01 would definitely be a better plan.
h24EVER YOU SAY...they don't need to sell shares , all the backing in the 3 world they need !! imho
Okay so they don't need to sell shares via PP cuz they have all the money they need to get this show on the road...
I say 10M$$ especially when they mention reliable, cost-efficient manufacturing and wholelale facilities, and launch a national scale ad/promo campaign.
Just to launch a national scale ad/promo campaign is 10M or less but anyway.
The point is if they do have all this $$$ in place and no need for money from anyone else why they need to pump the story to complete strangers?
Why spend 5K on a Letter when 5K buys 50M shares.
Why they need to make strangers rich?
Why inform the world?
Has everyone they know finished loading up at .0001?
and now it's the rest of the world's turn?...lol
Cuz here they clearly saying BUY..unless of course this below wasn't in The Letter?
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
http://ragingbull.quote.com/mboard/boards.cgi?board=PYCT&read=38838
Posted by: h24ever Date: Monday, June 23, 2008 4:03:29 PM
In reply to: poopscooper who wrote msg# 37678 Post # of 37695
they don't need to sell shares , all the backing in the 3 world they need !! imho
Well then!! you got some inside info.The PR's nor The Letter had this info of unlimited $$$!!
Maybe they should rewrite The Letter then!!
PayChest shareholders should be clamoring to
have their company raise additional cash now
to leverage the multi-billion dollar
Flushaway™ opportunity.
With adequate funding behind the brand,
PayChest can capitalize on an opportunity that
has been more than a decade in development.
PayChest shareholders look to be in the right
place at the right time to benefit when this
brand does finally succeed. And it looks like
that time is close at hand.
Properly funded, Flushaway™ can establish
reliable, cost-efficient manufacturing and
wholelale facilities, and launch a national scale
ad/promo campaign.
We think these are the only two practical steps
between Flushaway™ today and a massive win
for investors.
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
Yah H24,and I also think they would find money big money to do everything that was said in that letter...lol
They talking about everything from production to big time marketing...lol they'll need 10M$ easy and IMO nobody will put up for PP at .0001.
You only got 2.5B to sell into a PP!!
They need Money to get this going.
Ces could find money for 18 months singing this 40Billion$$ song.
Now it's Pyct's turn to start singing.If insiders putup big money maybe then will others follow suit and buy into a private placement(PP).
5B shares of the 25B is all they got for sale via PP actually 2.5B the 2.5B warrants so that peanuts at .0001..
An RS is the solution to raise $$ via PP
In a nutshell Chew got it! Maen...
Without that letter and the hiring of Tommy there would be so many .0001 buyers.
Like i said he hired to bring in volume/interest and buyers.
Not to make 6500 and all thier friends rich.
If it were the real deal they.. insider,friends and neibhours would be scooping up all avaiable shares.
They would definitely not reitterate no RS....this along with 40B$$ market is what keeps people buying..
Any updates on new retailer agreements?
Other then Tommy there is no one working at Pyct or CES.
And Tommy is busy selling .0001 shares.
From The Letter.....
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
Not only do consumers and retailers love the
Flushaway™ story, so does the media. A small-
scale, test media campaign run on Flushaway™
a few years ago, achieved immediate national
attention for the brand.
Quiz Tommy on this small-
scale, test media campaign run on Flushaway™
Proof of this would be nice!
PayChest shareholders should be clamoring to
have their company raise additional cash now
to leverage the multi-billion dollar
Flushaway™ opportunity.
Financial Profile has received payment of up to $C5,000 for production and distribution of this report. We are an advertising service, not an investment advisory service. This
document should not be considered a solicitation or recommendation to buy or sell securities. All due diligence should be conducted by the reader and/or their investment advisor.
They found 5000$$ for this Financial Profile report maybe now they could find some time and $$$ for 1st quarter financial statement.
Sure got lots of shares coming to market at .0001 and if they lucky they get .0002.
The Letter is working, they got some buyers at .0001.
Whoever hired him to promote one should buy now at .0001 must be very pleased with the buying of the stock at .0001!!
Tom is doing a good job.
The $5K spent of that LETTER is worth every penny!
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up. .
Financial Profile has received payment of up to $C5,000 for production and distribution of this report. We are an advertising service, not an investment advisory service. This
document should not be considered a solicitation or recommendation to buy or sell securities. All due diligence should be conducted by the reader and/or their investment advisor.
Investing in speculative issues is inherently risky. Always seek the advice of a professional advisor before making investment decisions.
A company that had anything going on in their "point of sale solutions, gift and loyalty portal systems, ACH electronic systems, online and mobile payment" department wouldn't have done that.
MFridge they wouldn't of done that is right, but they more then made up for it by giving the 6500 shareholders the heads up on the new deal with THE LETTER..
Didn't you receive THE LETTER? If you would of this was in there.
For investors who now hold PYCT, this looks
like siginifcant step forward for the company.
For those who don’t yet hold the stock, there’s
still time to get on board. But don’t wait too
long. As the company begins to capitalize on
the market opportunity at hand and moves the
brand forward, and the Flushaway™ story gets
out, PYCT share prices will likely start to tick
up
And it cost them money to do so!!
What nice people they are,treating you like family!
Financial Profile has received payment of up to $C5,000 for production and distribution of this report. We are an advertising service, not an investment advisory service. This
document should not be considered a solicitation or recommendation to buy or sell securities. All due diligence should be conducted by the reader and/or their investment advisor.
Hey Bigh41 this email from Tom say they are still developing it further.
Who working on that?
Who working on getting that first order?
I was emailing Tom Hands today...
so found out that they are still not in full production for the flushaway products, they are still developing it further and it should be released soon as a retail brand..
There is a mailout sent to shareholders that request it.. he will just need your address if you're not getting it already..
About the spinoff...
They are going to have a news release that will outline all the details..
He couldn't release any information to me now..
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
They never were able to move forward on any phase of R&D
or perfecting of the newest generation of both Flushaway(TM) pads and liners, there was no production ever again!!
To accommodate the setting up of new machinery, sampling, testing and perfecting of the newest generation of both Flushaway(TM) pads and liners, there was no production for January and due to Chinese New Year, there will be no production in February. Commencement of production and distribution using the nanotech materials will restart in March.
It was management's initial decision to begin implementing the new nanotech materials to our product line beginning January 1, 2007. The production cycle will be altered and new techniques will be used to manufacture the new generation of Flushaway(TM) pads and liners. The company did not want to jeopardize the product not being available and the distributors running out of inventory while sales were ramping up. Management is in agreement that while inventories will remain low, implementing the new materials at this time would be prudent. To accommodate the setting up of new machinery, sampling, testing and perfecting of the newest generation of both Flushaway(TM) pads and liners, there was no production for January and due to Chinese New Year, there will be no production in February. Commencement of production and distribution using the nanotech materials will restart in March.
http://newsblaze.com/story/2007020714000000300.mwir/topstory.html
Still think materials are ready for production or more R&D need to complete materials?
sources of equity financing to provide the necessary funding to meet ongoing product development costs
As the Company struggled financially in the second half of the year, it was unable to complete the year
end audit on time and trading in the Company’s stock was halted on November 9th, 2007.
The Company has incurred significant operating losses to date and is primarily dependent on sources of
equity financing to provide the necessary funding to meet ongoing product development costs and
anticipated operating losses.
The Company’s working capital deficit at March 31, 2007 was $765,416 (2007: $251,428). These factors
raise doubt about the Company’s ability to continue as a going-concern.
In the interim, in order to meet working capital requirements, the company will continue to raise funds
primarily through the issuance of share capital or the successful conclusion of the Paychest deal which
will bring in royalty payments. The outcome of these activities is uncertain and no assurances can be
provided that the Company will be successful in these endeavours. Even if the Company generates
higher revenues and raises additional capital, there can be no assurance that the Company will achieve
positive cash flows.
Consolidated Ecoprogress Technology Inc.
Management Discussion and Analysis
For the six months ended December 31, 2007
All figures expressed in Canadian Dollars except where noted
June 12, 2008
The following discussion and analysis of the results of operations and financial position of Consolidated
Ecoprogress Technology Inc. (“CET” or “the Company”) is prepared as of June 12, 2008 and should be
read in conjunction with the Company’s audited financial statements and the notes thereto as at June 30,
2007.
Overall Performance
For the six months ended December 31, 2007
CET develops and markets biodegradable, disposable absorbent products which include feminine
hygiene, adult incontinence and baby diaper products.
The six months to December 31, 2007 was a period in which the Company concentrated on moving the
API deal forward, sourcing alternative financing and developing relationships in China. Other activities
were reduced to a minimum.
During the period the Company continued to attract capital. The Company received $440,000 from the
exercise of warrants – almost all of which was set aside to pursue the activities mentioned above.
In March, 2007 the Company received an offer from April 1 Project (“API”) which the Company had been
working diligently to complete through to early 2008. Unfortunately API were unable to complete the deal
and on May 7, 2008 the agreements were assigned to Paychest Inc., based in Arizona. As a result of the
difficulties the Company was experiencing with completing the API deal, the Company was forced to
make other arrangements and, on February 8, 2008, the Company made a loan agreement with Cardiff
Bay Holdings, a Hong Kong based company, through which Cardiff Bay agreed to loan the Company up
to $200,000 at an interest rate of 15% per annum for a period of one year. The loan agreement is secured
by a promissory note and a general security agreement on the assets of the company. The financial
results are discussed in more detail in Results of Operations below.
As the Company struggled financially in the second half of the year, it was unable to complete the year
end audit on time and trading in the Company’s stock was halted on November 9th, 2007.
The Company has incurred significant operating losses to date and is primarily dependent on sources of
equity financing to provide the necessary funding to meet ongoing product development costs and
anticipated operating losses.
The Company’s working capital deficit at December 31, 2007 was $496,697 (2006: surplus of $128,646).
These factors raise doubt about the Company’s ability to continue as a going-concern.
In the interim, in order to meet working capital requirements, the company will continue to raise funds
primarily through the issuance of share capital or the successful conclusion of the Paychest deal which
will bring in royalty payments. The outcome of these activities is uncertain and no assurances can be
provided that the Company will be successful in these endeavours. Even if the Company generates
higher revenues and raises additional capital, there can be no assurance that the Company will achieve
positive cash flows.
Page 2
Results of Operations
For the six months ended December 31, 2007
Revenue during the six months ended December 31, 2007 was $17,512 (2006: $223,274) derived from
the quarterly amount of deferred revenue from the S. China distribution rights. There were no product
sales because there was no production as the Company does not have the financing to commence and
continue full scale operations.
Operations costs of $29,435 (2006: $89,587) declined as there was no production in the period. Activities
were confined to developing new production and financing relationships. Sales and marketing costs were
$Nil (2006: $229,467) because there were no sales in the quarter.
General and administrative expenses of $216,877 (2006: $360,879) were significantly lower as there was
a lot less activity. Consulting expenses were up significantly at $89,803 (2006: $7,020) as a result of
using outside consultants to find long-term financing. Management and administration fees fell from
$110,775 to $52,839 as a result of the resignation of the CFO in early August. Professional fees
increased from $1,491 to $68,348 as a result of the extra expenses involved with the API deal and a
credit for the period in 2006. Shareholder communications fell slightly from $144,521 to $136,946. Stock
based compensation rose from $6,175 to $12,728 as a result of the 3,000,000 options granted in the
period.
Research and Development costs were down slightly from $14,081 to $10,618 as there was less patent
and trademark activity.
As a result of these reductions in expenses, the Company showed a net loss of $458,676 compared with
$658,502 for the six months ended December 31, 2006.
At December 31, 2007, the Company’s cash and cash equivalents position was $23 (year ended
December 31, 2006: $13,133), with a working capital deficiency of $496,697 (2006: surplus of $128,646).
Tom said they were talking to several distributors.
Yah Bigh and these distributors belong to CES if and when they order PYCT will have to produce the order.
Any idea what pyct will make on the production of such an order since PayChest will benefit from distribution sales from all the existing distribution networks in partnership with CET.
Under the terms of its acquisition of the worldwide rights for Flushaway products, that it entered into on May 7th, 2008 with CET, PayChest benefits from distribution sales from all the existing distribution networks in partnership with CET. PayChest will be responsible for manufacturing of all products sold.
All new distribution and marketing partners contracted directly by PayChest since the 7th of May, 2008, will be handled directly by PayChest and CET will receive a royalty fee from these deals.