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Yah you right Banana the big three are watching Paychest/Flushaway very closely especially J&J they've been watching for almost 10yrs..
Date:1999-03-10 18:29:56
CONSOLIDATED ECOPROGRESS TECHNOLOGY INC ("CES-V;CEPGF-L") JOHNSON & JOHNSON ("JNJ-BHDNPQX") - A Joint Research And Development Project Consolidated Ecoprogress Technology Inc. ("Ecoprogress") is pleased to announce that it has formulated a joint research and development project with Johnson & Johnson for the development of the company's biodegradable Diapers and Incontinence Pads. Johnson & Johnson is known worldwide for their famous brands of baby powder, baby oil and numerous other consumer products. Combining Ecoprogress' patented flushable and biodegradable B-9 film with Johnson and Johnson's super absorbent naturally biodegradable spaghnum moss will result in the testing of the first biodegradable diapers and incontinence pads on the market today. Johnson & Johnson's spaghnum moss has already been proven successful in numerous products such as Stayfree sanitary napkins. (It is also marketed under Absorbec(TM) label). The objective of this project is to become the first replacement diaper to the non bio-degradable diaper which is widely recognized as the largest household disposable product today. With significant pressures influencing both industry and consumers to move towards "Eco-Sensitive" alternatives, an ideal opportunity exists to participate in this multi-billion dollar industry. The North American disposable diaper market is estimated at $14 billion per year. Upon completion of consumer testing these new products will be submitted to Environment Canada's Environmental Choice(M) Program for certification approval under the prestigious Ecologo(M). The company's current line of Simplicities(TM), flushable and biodegradable feminine hygiene products, have already been certified. The company's feminine hygiene products are flushable and biodegradable, therefore do not end up in landfills. Simplicities(TM) is the first and only feminine hygiene product certified by Environment Canada's Ecologo(M). TEL: (604) 738-7011 Michael Daniels, FAX: (604) 801-5915 Consolidated Ecoprogress Technology Inc. ______________________________________
When there is creditable competition, Paychest management must be carefull what they dilvulge in press releases.
You think P&G is keeping an eye on CES or pyct?
They must be scratching there heads wondering where they went wrong losing this 34Billion$$ market to pyct!!
Surely they got a spy on this BB aswell,posting negatives so this flops for pyct.
They must be buzzing wondering how pyct was able to snare this product with no or very little cash!
Just an IOU of 5M$$
This is the second time in 2 years that this has happenned with AprilOne Project being the first.
Yup better keep this a secret even from P&G
This was also a sercet!!
http://www.flushaway.com/news/pdf/ces_profile_040511.pdf
What info can that letter honestly have that we don't already know.
This is a public company and there shouldn't be anything secret going around for a select few...lol
What r u guys smoking?
Yes the 6500 shareholders will receive a letter!!!So what?
They just want the 6500 to buy stock?
What about the rest of the world?
Wouldn't it be nice if they too knew and started buying this gem...lol
You be at 10cents in no time!!!
What's the big secret tell THE WORLD!!
Maybe the private sources of funding are to pay for promotional material like the letters,rent,and to keep doors open until they find additional financing options to re-start production and R&D..
Anyone ask Tommy what stage of R&D they in?
How much time and money will be needed to complete materials before production resume?
They spent no money on product testing and development in 2007.
Research and Development costs also fell significantly from $112,704 to $21,443 mostly because 2006 saw a considerable amount of product testing and development whereas none took place in 2007. The Company continued to protect its intellectual property with further expenditures on patent applications of $21,334 in the nine months compared with $28,066 in 2006.
Dcjr...You say..IMO once contracts/sales agreements are released and the public can see the magnitude of the potential, it will not be anywhere near the 000's
They just realeased a long list of customers but they belong to CES..How long do you think it,s going to take for pyct to have it's own list of contracts/sales agreements like CES has.
Who is in charge of getting contracts/sales agreements?
Who is in charge of R&D and to get materials completed before production could re-start?
It took them 3years for that list and very little sale to that list and some actually none.
http://www.marketwire.com/mw/release.do?id=608314&k
The Agreement with Envirostar covers a territory including South Africa, Namibia, Mozambique, Zimbabwe, Lesotho, Swaziland and Botswana. The three-year agreement provides Ecoprogress with minimum revenue of US$275,000 over a twelve-month period. Ecoprogress expects annual sales to Envirostar to increase each subsequent year.
http://findarticles.com/p/articles/mi_m0EIN/is_2005_Sept_21/ai_n15402690
Has this agreement been resigned it states The three-year agreement as of May 05...????
The Agreement with Envirostar is for a territory that includes South Africa, Namibia, Mozambique, Zimbabwe, Lesotho Swaziland and Botswana. It is for three years and provides Ecoprogress an immediate purchase order...
http://goliath.ecnext.com/coms2/summary_0199-4153677_ITM
So what does Tommy say?
Does Pyct still need to R&D the materials needed for production?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29704134
or u guys too busy tring to silence the BB.
What important here?
http://www.smalltimes.com/articles/stm_print_screen.cfm?ARTICLE_ID=294463
The design incorporates the company's Flushaway nanotechnology-based pads. It will go through some initial production reviews and user tests to validate the design while a patent application is prepared, the company says.
What do u figure they were doing on a Msg: board pumping or bashing?
past disgruntled employee or sub-contractor of CES may be asking tough questions?
There have been many ex-employees, management and consultants over a long history with Consolidated Ecoprogress that are not part of the product's future going forward.
Tom Hands
PayChest Inc.
If that was the case then they"ll all be rich by now especially if they were playing the stock.Afterall who would of known more tham anyone else what was really going on behind the scenes.
Tommy was an ex-employee!!
Do you think an ex-employees, management and or consultants were buying or shorting?
Reflecting this fact, the company’s stock chart
has a pretty nice look to it. It’s a smooth looking
rounded bottom chart formation with
good, primary support at the $C0.20 level.
Resistance comes in around just below the 30-
cent mark. A five-to-ten-cent gain should be
easy. A volume breakout above $C0.30 could
have the stock up by as much as another 20
cents.
Longer term, the potential looks much greater
http://www.flushaway.com/news/pdf/070505.pdf
Funny how I bring up production issues and materials not ready issues and one posts this email about ex-employees, management and consultants..Deflection??
I sure someone here can!! or should since it been posted that product will be on shelves soon!!
Posted by: h24ever Date: Sunday, June 01, 2008 7:08:46 PM
In reply to: None Post # of 36666
Had a few nice e-mail replys form our I/R man. Congrats everyone (with shares), I believe we shall see some nice things come our way. !!
h24ever you say "I guy working 7 days a week !!!referring to Tom. "Can't wait to see the Master plan"
I asked this here below since most of you guys have this on shelves by months end with television ads to boot.I figured some here would have the answer to this simple question.
Do u think they'll be production soon with further testing needed?
Who paying for that Pyct or CES?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29704134
You answered noone here could answer that!
Well how could it be on shelves by months end if noboby here knows whether or not materials are ready for production?
I posted a few links from past CES filing that show no $$$ spent on R&D in 07...what stage of R&D are they in?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29703969
Do u think they'll be production soon with further testing needed?
Who paying for that Pyct or CES?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
They spent no money on product testing and development in 2007.
Research and Development costs also fell significantly from $112,704 to $21,443 mostly because 2006 saw a considerable amount of product testing and development whereas none took place in 2007. The Company continued to protect its intellectual property with further expenditures on patent applications of $21,334 in the nine months compared with $28,066 in 2006.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
Pyct still needs to R&D the materials needed for production?
Has additional 2,500,000 shares upon implementation of the licensed technology ever been issused?
As of January 29, 2006, the Company has 72,371,264 common shares outstanding with additional shares to be issued once the current private placement has been completed. During fiscal 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 $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. On January 24, 2007 the Company paid to QuarTek Corporation of Greensboro, North Carolina US$100,000 and issued 4,150,000 at $0.10
per share under the terms of the agreement.
PayChest will be responsible for manufacturing of all products sold.
Research and Development costs also fell significantly from $96,072 to $14,081 mostly because 2005 saw a considerable amount of product testing and development whereas none took place in 2006. The Company continued to protect its intellectual property with further expenditures on patent applications of
$14,081 in the six months compared with $17,464 in 2005.
Results of Operations
For the year ended June 30, 2006
Sales during the year ended June 30, 2006 were $197,217 derived from the sale of approximately five
containers of biodegradable, disposable feminine hygiene product to Dr. Fresh for Wal-Mart in the USA,
SPD for the Marines in the USA and Envirostar in S.Africa. This represents a material revenueconcentration
risk to the Company. For the foreseeable future, however, until the product achieves a
much higher recognition and more end customers, it will continue to face considerable revenue
concentration risk. During the year, the Company did sign up two new distributors and this will help to
reduce the revenue concentration risk in subsequent years.
In the year contract manufacturing costs relating to gross sales recorded were $240,187 resulting in a
gross margin of negative $42,970 or -21.2% . As discussed above, the gross margin would have been
approximately $30,500 or 15% allowing for the extra shipping and the faulty product costs. It is
anticipated that, with new suppliers, increasing sales volumes and continual work on reducing material
costs, the gross margin will increase significantly.
PayChest benefits from distribution sales from all the existing distribution networks in partnership with CET.
The current list below are distributors and brokers under contract with CET are as follows:
-- USA: National distribution to retailers includes: Wal-Mart, Kmart,Safeway, CVS, Walgreens, and Target
-- Distribution contracts in the South Eastern USA include, Rite-Aid, HEB, 7-11 Corporation, Whole Foods and cruiselines. Other distribution contracts cover the Army and Air Force Exchange Services (AAFES) Worldwide
and Navy Resale and Services Command (NEXCOM) Worldwide
-- Southern Africa: Exclusive rights to the Territories of South Africa, Botswana, Zimbabwe, Lesotho, Swaziland, Namibia and Mozambique
- Jamaica: Exclusive rights to the Caribbean Island of Jamaica - Australia: Exclusive rights to Australia
-- Middle East and North Africa: Exclusive rights to Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine (Palestinian Authority), Qatar, Saudi Arabia, Syria, Sudan, Tunisia, United Arab Emirates, and Yemen
-- Canada: Exclusive rights to Safeway Canada
-- China: Exclusive rights to Hong Kong, Macau, Taiwan, Guangdong. Note
the return of Taiwan is being negotiated.
The company further added that additional distribution agreements are currently under way for Central Africa, India, Brazil, Japan, Vietnam and the EU.
PayChest will be responsible for manufacturing of all products sold.
So what will PYCT make when the produce orders for CES???
CES made 20% margins so how much of that will pyct get?
5%???
It would be nice to know if they are trying to crack the diaper market.
I agree there's less competition and an easier sell.
Moneyhungry..several women how many is several 2?-10?
It's a doucumented fact they brand loyal?
After speaking with Tom the funding is fully in place from the Hong Kong group/new management?
Really we just had a PR that stated differently.Tommy should of included that info in the PR.All the PR stated was "the company will utilize private sources of funding and is exploring additional financing options"
The private sources of funding is what amount?
Email say 1M$$!!
PR say squat!
Private sources of funding could be enough to just keep doors open until additional financing is found.
Will this new flushaway product sell??
So far NO.
Will there be a demand from retailers?
So far not much on the repeat orders side.
Will the consumer prefer this new flushaway product over other choices already out there?
Women are brand loyal maybe if it were P&G or another major who was behind it yes.
But 34B$ product and no major interested so that speaks volume louder than posters here.
Ces had trouble getting $$$ used shares and $$$ below .
At .0001 even this type deal is improbable for pyct.
On completion of the 1st tranche of the financing, the company consummated the agreement with QuarTek Corp. QuarTek Corp. received 4,150,000 restricted shares of stock and the first installment of US$100,000 has already been made. Under the agreement, a total of US$200,000 remains to be paid. QuarTek Corp. will receive a further 2,500,000 restricted shares upon the implementation of the new nanotech materials. QuarTek Corp. has developed a lower cost nanotech material using our technology that will be used in both the Flushaway(TM) pads and liners
$3.6 million from private investors to launch the new product.
http://www.sustainableindustries.com/living/2093902.html
Just to give you an idea of money needed...
Dip what happenned to the 1M$$??
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29554423
Published: 04/27/07
Mr John Banks reports:
The Company is pleased to report that three batches of new nanotech materials have been delivered by QuarTek Corporation for testing, evaluation, selection and modification. Pilot trials of the new materials are expected to start in early May with a subsequent expansion to full trial. A complete product test of Flushaway(TM) pads and liners with the nanotechnology materials will be carried out prior to starting production and sale of the nanotech based version of Flushaway(TM).
http://markets.hpcwire.com/taborcomm?Account=hpcwire&GUID=1850202&Page=MediaViewer&Ticker=CES
So what version did they test??
What year was this?5 years ago?
Call Tommy!!
The products have been previously tested by two independent groups, namely Brunell University in the United Kingdom and Air Products Industries in North America
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29659470
Money was already a problem in Nov-Dec 06
During the months of November and December, manufacturing had decreased due to cash constraints caused by a delay in payment from one of our distributors for approximately US$96,000. In addition, audit costs were CDN$51,000 payable in advance to complete our year-end audit. During the month of November, one container was manufactured and shipped while in December no containers were manufactured and shipped. 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. Outstanding sales orders remain at records highs.
I believe the new products are finished, manufactured and will be hitting the shelves sometime in June, early July the latest
You beleive wrong the product,material are not finished,not ready for production.Ces filings show no money spent on R&D the last 18months,I posted them doucuments here few times,but you don't want to read that!
The reason for no R&D was/is no money.
To get an idea of what pyct will need just look at what Ces needed.It will be no different for pyct!!
In February, 2006 the Company appeared to have obtained the necessary financing to achieve this goal but, of the $3,000,000 pledged, the Company only received $1,000,000 in
early July, 2006. The Company was unable to fulfill the orders that it had received until after the end of
the fiscal year.
http://ragingbull.quote.com/mboard/boards.cgi?board=PYCT&read=38037
Yah buy Dcjr somewhere I read that they might consider RS when moving to nasdaq.And if this is 34B$ product is going anywhere it won't at .0001.Show me a PP that got closed at .0001 or .001.
Another thing to ask Tommy they state "The products have been previously tested by two independent groups, namely Brunell University in the United Kingdom and Air Products Industries in North America. The product conforms to and exceeds the Biodegradeable Standard ASTM D-5988-03, as specified by the American Society for Testing Materials. (www.astm.org)"
You could also ask u buddy Tommy!!
When and which version? Are they going back 5-6 years?
And when will the newest materials be ready?
Can't produce with materials you don't have.
Why not hand over the next PR to someone smart??
Smart or dumb the content will still be the same.The deal sucks for Pyct.
If pyct had deep pockets they could take a stab at the diaper market,the feminine market is a tough market to crack unless a major with big money is involved.Women are brand loyal they just don't put anything between them legs.
.0001 and still no one bought after deal update.The market has spoken and dcjr is now pumping on RB.Funny how he gone and so is everyone else of his supporters.hmmmmmmm
Where did everyone go?
Where did the volume go?
Was there any bids today?
lol...all that loaded up yesterday got it in the teeth today.
I guess they dumped yesterday.
It helps to get volume when many are told news tommorrow,if they don't get day after news they get day before with a little hint that news is comming tommorrow.works everytime right Tommy!!
lol...what was the volume yesterday?
Has this expired?? Date: Wednesday, May 4 2005
Better call Tommy!!
VANCOUVER, British Columbia -- Consolidated Ecoprogress Technology Inc. (TSX VENTURE:CES) is pleased to announce the signing of a new distribution contract with Envirostar of South Africa.
It is for three years and provides Ecoprogress an immediate purchase order of one container of Flushaway (approximate value US$50,000) with minimum sales
http://www.allbusiness.com/company-activities-management/sales-selling/5118950-1.html
Distributors and brokers such as J.A.M. South America, Femefresh for the Caribbean region and Sookochoff Consultants in the Philippines remain unchanged. No purchase orders have been received to date from these sources.
Get an UPDATE on these,they were never heard from again
http://findarticles.com/p/articles/mi_hb5559/is_200602/ai_n23505518
SPD is our 2nd distributor in the United States. SPD recently cancelled an order due to a dispute between SPD and Ecoprogress. The dispute stemmed from production issues limiting the supply of product by Ecoprogress. Since these production issues have been resolved we expect a resumption of purchase orders from SPD. La Familia, a customer of SPD and a supplier to chains in California and Texas, was on hold as a result and was cancelled. SPD has approached various retailers and updates will be made when available.
Ask Tommy if SPD is still a distibutor?
I think something has changed with them?
Tempo Sales has approached various retailers in Canada. Ecoprogress expects to have product in Canadian stores in the 4th quarter of 2006. Distributors have also met with us to distribute our product in Canada as well.
They were never able to sell one Pad in Canada after making this statement!!
http://www.highbeam.com/doc/1G1-141518452.html
VANCOUVER, BRITISH COLUMBIA, Jan 31, 2006 (CCNMatthews via COMTEX) -- Consolidated Ecoprogress Technology Inc. (TSX VENTURE:CES) -
Mr John Banks reports:
Consolidated Ecoprogress Technology Inc. has signed a long-term Broker Agreement with Tempo Sales Network, a Richmond, BC, Canadian based company. The agreement provides for the sale of the entire line of Flushaway Brand products across Canada. Bill Spaner, President of Tempo Sales Network said, "I look forward to working with Ecoprogress to knock off the big boys, get the shelf space, and increase return on investment for the shareholders in Consolidated Ecoprogress Technology."
http://markets.hpcwire.com/taborcomm?Account=hpcwire&GUID=176469&Page=MediaViewer&Ticker=CES
That PR is a riot and those list of clients is a riot. Probably the same list they had the last time this failed.
No the list mysterious got longer.I would ask Tommy where one could find CES's PR's stating all them places?
Solutions have also been identified to resolve the current production stoppage and restart. The Company believes it is close to restarting production in the near future.
The new design is a significant enhancement on a combination re-usable and disposable design available in Asia, and other places around the world, and will go through some initial production reviews and user tests to validate the design while a patent application is prepared
http://markets.hpcwire.com/taborcomm?Account=hpcwire&GUID=2203759&Page=MediaViewer&Ticker=CES
Solutions have also been identified but have they been resolved?
With CES having no money I doubt they been resolved.Pyct will need to resolve before they could even think about production.
Similiar to this last deal with AprilOne less the 300K of course.If this was so sweet of a deal couldn't they a least find another company with some $$$?
This transaction is aimed at providing financial benefit to Ecoprogress by reducing the demand on limited Company resources. It will also allow Flushaway® to more efficiently finance product manufacturing and shipping, allowing Ecoprogress to focus on marketing and distribution of product in its current markets. Certain CET personnel will either move or be seconded to API as part of this agreement.
This is the second agreement with API that will ultimately provide CET royalties of 5%, an initial sum of US$300,000 in cash and a $5,000,000 note payable to CET. API has already paid CET US$25,000 in consideration of the sales and marketing agreement
http://markets.hpcwire.com/taborcomm?Account=hpcwire&GUID=2870762&Page=MediaViewer&Ticker=CES
I wouldn't happenned anytime soon!
Paychest has no expenses in manufacturing!!!
Really and who going to pay for manufactoring CES who has no money?
Ces wants nothing to do with manufacturing they been in China for 2-3 years and couldn't get it right.
This is a great link,gives you a good idea of what pyct is up against.
http://findarticles.com/p/articles/mi_pwwi/is_200702/ai_n17168354/pg_1
Presently our manufacturing is not exclusive. Other company's products are made at the same facilities. Upon a recent trip to China, the company has been working with its present manufactures to have specific machinery and personnel solely for the Flushaway(TM) pads and liners. This will result in less wait time for product, speed up the manufacturing process, will shorten the production time cycle and help improve quality.
No!! Me thinks materials aren't ready for production line.
CES ran out of money,couldn't find anymore PP money for stale 34B$$ story so they couldn't finish R&D of new materials.
As you read they had no or little money as early as Nov06
Quality control testing and sampling will begin in early March 2007 to perfect the production process. Retooling of machinery and new production techniques will be implemented during this transition. New production facilities with machinery specific to our product line have been sourced.
During the months of November and December, manufacturing had decreased due to cash constraints caused by a delay in payment from one of our distributors for approximately US$96,000. In addition, audit costs were CDN$51,000 payable in advance to complete our year-end audit. During the month of November, one container was manufactured and shipped while in December no containers were manufactured and shipped. 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 liner
http://findarticles.com/p/articles/mi_pwwi/is_200702/ai_n17168354
One of the major stumbling blocks for the company has been alternative financing rather than equity financing. The company does not want to continue using equity funding as it results in too much dilution. The company has recently hired Jim Farrell, of SME Bancorp, to facilitate purchase order and accounts receivable financing enabling Ecoprogress to sell directly to retailers and obtaining the 20% to 30% margin currently taken by distributors. Discussions with other purchase order financing companies continues. Mr. Farrell previously worked for the Japanese operations for Scotiabank involving trade letters of credit and foreign exchange. Due to the company's production facilities operating out of China and sales denominated in US dollars, the company will be implementing a hedging strategy to reduce currency risk. It is expected that this strategy will be implemented this quarter.
June 15th you got to be kidding!! Haven't you heard they are still developing it further basically still in R&D mode?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
With no money CES did no R&D the last 18months.
So the question again is what stage of R&D are they in?
How much money/time will be needed?
When Tom say SOON,soon could be 6 months just to find money and complete R&D.
QuarTek got 4.15 million shares and $300K from CES what's pyct got to offer? .0001 shares?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29627957
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http://www.chandler.com.hk/English/office_location.htm
Same address as what's on Flushaway...lol
DCJR,What you say now?
Are they partners in production?
New Management?
CORPORATE OFFICE
Room 1206-7, 12/F, New Victory House,
93-103 Wing Lok Street, Central, Hong Kong
LOL!!!Do I have to ask you for proof or documention??
You just got an PR and there was no mention of Chandler either as new management or manufacturer!!!
So where are you getting this?
lol..you are way off!!
Go ahead show some proof of this please!!
PayChest will be responsible for manufacturing of all products sold.
Tommy say that materials/product is still not ready,needs some work?
Is that true?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29626768
Wrong dcjr, CES has and wants nothing to do with production.
They want to get orders from there long list of clients and call Pyct to manufacture them. Whatever orders/new distributors pyct gets after the 7th of May, 2008, will be handled directly by PayChest and CET will receive a royalty fee from these deals.
Nothing complicated or difficult only thing is where are the big orders going to come from.History shows me no demand!
34B$$ product and majors are interested...
Oh maybe that HongKong office is a call centre..
DCJR how could you say this...
"CET & PYCT's business partner is Chandler Partners Limited
"They handle the production for CET,PYCT and are a subcontractor to manage production"
We just had a PR and no mention of Chandler PartnersLimited and clearly states that PayChest will be responsible for manufacturing of all products sold.
.....lol 2 fuunny
From the PR...
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.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=pyct
CORRECTION - PayChest Provides Guidance on Distribution Network
VANCOUVER, BC, May 29, 2008 (MARKET WIRE via COMTEX) -- In the news release, " PayChest Provides Guidance on Distribution Network," issued earlier today by PayChest, Inc. (PINKSHEETS: PYCT), we are advised by the company that the fourth paragraph should read "The current list of distributors and brokers under contract with CET are as follows:" rather than "The company's current worldwide distribution network includes both exclusive and non exclusive contracts with local representation within the following countries/territories/clients:" as originally issued. Additionally, the bullet points that follow have been revised to exclude "Worldwide" before "Wal-Mart" and to re-explain the U.S. territorial distribution. Complete corrected text follows.
PayChest Provides Guidance on Distribution Network
VANCOUVER, BC -- May 29, 2008 -- PayChest, Inc. (PINKSHEETS: PYCT), an integrator of commerce platform solutions and a strategic marketing company, today announced that due to numerous inquiries through Investor Relations, PayChest management addressed the current distribution network in place with CET (Consolidated Ecoprogress Technology Inc.) and further addressed the company's funding strategy over the next few months.
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.
The current list of distributors and brokers under contract with CET are as follows:
-- USA: National distribution to retailers includes: Wal-Mart, Kmart,
Safeway, CVS, Walgreens, and Target
-- Distribution contracts in the South Eastern USA include, Rite-Aid,
HEB, 7-11 Corporation, Whole Foods and cruiselines. Other distribution
contracts cover the Army and Air Force Exchange Services (AAFES) Worldwide
and Navy Resale and Services Command (NEXCOM) Worldwide
-- Southern Africa: Exclusive rights to the Territories of South Africa,
Botswana, Zimbabwe, Lesotho, Swaziland, Namibia and Mozambique
-- Jamaica: Exclusive rights to the Caribbean Island of Jamaica
-- Australia: Exclusive rights to Australia
-- Middle East and North Africa: Exclusive rights to Algeria, Bahrain,
Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Mauritania,
Morocco, Oman, Palestine (Palestinian Authority), Qatar, Saudi Arabia,
Syria, Sudan, Tunisia, United Arab Emirates, and Yemen
-- Canada: Exclusive rights to Safeway Canada
-- China: Exclusive rights to Hong Kong, Macau, Taiwan, Guangdong. Note
the return of Taiwan is being negotiated.
The company further added that additional distribution agreements are currently under way for Central Africa, India, Brazil, Japan, Vietnam and the EU.
With respect to funding of its recent acquisition, the company will utilize private sources of funding and is exploring additional financing options.
About PayChest
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.
Investor Relations
1-877-525-5170
ir@paychest.com