Consolidated Ecoprogress Technology Inc.

Consolidated Ecoprogress Technology Inc.

August 12, 2005 14:32 ET

Consolidated Ecoprogress Technology Inc.: $400,000 Financing and Stock Options Granting & Cancellation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 12, 2005) - Consolidated Ecoprogress Technology Inc. (TSX VENTURE:CES) is pleased to announce it has completed private placement discussions with certain proposed placees that include certain insiders to the Company. This placement will require that Ecoprogress issues a total of up to 2,666,667 units of the Company at $0.15 per Unit and with each Unit comprising one common share and one non-transferable share purchase warrant. Warrants will be priced at $0.18 and exercisable for a period of one year from the date of closing the Private Placement in this instance.

The Company intents to utilize the proceeds of approximately $400,000, to fund business growth, general administration and for other business purposes.

Stock Options

The Company also confirms that the Board of Directors Company has today agreed to grant stock options to certain Directors and consultants under the Company's existing and rolling Stock Option Plan. Optionees will have the collective right to purchase up to an aggregate of 793,500 common shares from the treasury of the Company at an exercise price of $0.15 per common share exercisable until August 12, 2010 in each such instance. Also the Company has today cancelled 220,000 stock options issued to a certain Director of the Company.

The most recent closing price of the Company's common shares on the TSX Venture Exchange was $0.155.

Ecoprogress is diligently working on becoming a lead player in environmentally friendly, absorbent and 'plastic replacement' products. Its first branded product, Flushaway, provides women with a flushable feminine hygiene alternative product that, after disposal biodegrades in 28 days.


John Banks, CEO and President

Consolidated Ecoprogress Technology Inc.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the TSX-V and on SEDAR.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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