Paychest Inc (PYCT)

[poopscooper]

A little insight of what that deal may look like.

During the year, on March 27, 2007, the Company signed a preliminary letter of intent with April Project I Corp, a Florida corporation (“API”) for the sale of all unassigned worldwide sales and distribution rights of its Flushaway® brand of its biodegradable and flushable feminine hygiene
range. Included is the exclusive manufacturing of Flushaway® worldwide. Two pending patents,a number of pending trademarks, certain intellectual property and a sublicense for necessary
intellectual property not owned by Ecoprogress may be included to ensure international sales and production can be carried out securely and effectively. In exchange for these rights, API
was to have paid Ecoprogress cash, royalties and licensing fees and execute a five-year note with a value expected to be in excess of US$5,000,000. The parties agreed to negotiate
definitive agreements with the goal of executing such agreements no later than June 30, 2007.
Confidential documents were filed with the TSX Venture Exchange.

As currently envisioned
Ecoprogress will retain all its existing distributors and associated business and purchase product from API. Ecoprogress will receive royalties from API production & sales. To the extent required, API will license all such rights back to Ecoprogress to enable Ecoprogress to securely
continue sales and marketing under existing distributor agreements and their associated
markets. Subsequent to March 31, 2007 the Company received $50,000 as part of the agreement. This agreement was expected to be completed by the end of June 2007.
Negotiations for the completion of this deal continued throughout 2007 and into early 2008. API
was unable to secure the financing necessary and on May 7, 2008 these contracts were assigned to Paychest Inc. Paychest is a US publicly traded company listed on the pink sheets
and registered in the state of Arizona. Mr Lawson Pillay is the President and CEO of Paychest Inc.