HONG KONG, April 13, 2011 /PRNewswire/ -- PayChest Inc.
(PINKSHEETS: PYCT) (the "Company") is pleased to announce the
completion of its prototype film production test achieved on
April 10, 2011 using the new film
machinery purchased by Xinpro Manufacturing.
On March 2nd, 2011 the Company
announced that terms agreed for a Manufacturing Agreement with
Xinpro Manufacturing, signed December 2nd,
2010, were going into effect following the completion of a
dedicated manufacturing facility, in the Shanghai area, and the delivery of the first
machine tailored exclusively for Flushaway® production and use.
Commercial production of a cost competitive, flushable and
biodegradable Flushaway® product is now much closer following the
completion of this polyvinyl alcohol prototype test on April 10th. Technical advisors to the
company have suggested the transition from prototype film to high
quality polyvinyl alcohol film usually takes two to three
weeks.
The film will now be adjusted, refined and tested to produce a
high quality polyvinyl alcohol film in readiness for final test and
approval by the Company.
Polyvinyl alcohol film is an essential part of Flushaway®
enabling the finished product to perform during use but remain
flushable and biodegradable at the time of disposal. The film will
be produced using specialized materials, formulations, know-how,
patents, patents pending and a unique production process.
The Company remains confident it will deliver a women's hygiene
product line to the consumer that is of equal or better quality to
the major companies in this marketplace (Proctor and Gamble,
Kimberly-Clark and Johnson and Johnson) while having the added
feature of being a flushable and biodegradable product at a
comparable price.
About PayChest (Arizona)
PayChest, a global marketing company and developer of technology
solutions and its strategic partner companies, market and
distribute select products and services worldwide, which provide an
increased public awareness to conserve and preserve the world's
limited resources.
About the proposed dividend of subsidiary PayChest (Oregon)
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.
SOURCE PayChest Inc.