dcjr,as u could read they had production issues.With no money these issues still exsist for PYCT.Money will be needed to fix those issues before production commences.
Money will have to come from insiders or PP...Forget Bankloans/line of credit or chinesse 75Day nets unless you are a major like a Walmart.
Cons Ecoprogress works to restart Flushaway production 2007-10-25 20:42 ET - News Release Mr. John Banks reports RE-COMMENCING MANUFACTURING NEARS Consolidated Ecoprogress Technology Inc.'s progress has continued with API reviewing production and meeting with Asian manufacturers both in North America and in China. Existing and potential future manufacturers of Flushaway have held discussions to resolve certain production issues and streamline the production process. The complexities of both the formula for Flushaway and the production process have created the delays in restarting production. The company is close to finalizing both the nanotech formula and production process, and a news release will be issued when a definitive timeline is set. To date, API has advanced us a $50,000 down payment as a goodwill gesture, which has been taken as payment for the sales and marketing agreement and the manufacturing agreement. The remaining cash component and the $5-million note receivable have not yet closed. The terms of the note are being finalized and proceeds are to be received over a five-year period. The receipt of the final money and note payable from API is anticipated at the completion of the handover of the Flushaway intellectual property and the completion of the final validation and acceptance sign-off by API. The company's research partner, Quartek Corporation of North Carolina, has continued to support Flushaway, pushing ahead and researching different production techniques for the planned nanotechnology materials. The addition of these techniques is expected to cause changes in formulations, while allowing higher production volumes once commercialized. The company, with API, is viewing the schedule for restarting production given a variety of factors and putting in place improvements for the next generation of Flushaway products. Although there is some delay in restarting production and supply of Flushaway, the overall goal of long-term business success is being maintained and will not be sacrificed as a consequence. The company will hold its annual shareholders meeting on Oct. 31. While the share price is at historic lows, there is no rollback planned and this is not being considered at the AGM. While funds remain limited, the company felt that a debt settlement for the balance sheet, loans from insiders if necessary, the API deal closing shortly and equity financing are all available opinions. The company's annual financials for the year ending June 30, 2007, will be late and not filed as required by the end of October. This will not affect the trading of the company's shares. The company had anticipated that the API transaction would have been closed and payment for the audit would have been completed. The company feels that the recommencement of manufacturing the Flushaway brand is of highest importance and that money originally allocated for the audit was spent ensuring a successful transfer of technology to API. This decision was made for the long-term benefit of the company. The audit will be completed shortly as a combination of cash, insider loans and shareholder loans are being used to facilitate its completion. The audit will be completed as soon as possible. Also, Ecoprogress Australia, a separate entity from the company, continues to owe close to $100,000. The company is continuing to work with it so that when production restarts, that the company can continue to deliver product to it. Talks are continuing to resolve this payable to the company. We seek Safe Harbor.
