Consolidated Ecoprogress Technology Inc.

Consolidated Ecoprogress Technology Inc.

March 28, 2007 13:38 ET

Consolidated Ecoprogress Technology Inc. Announces US$5,000,000 Letter of Intent

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Consolidated Ecoprogress Technology Inc. ("Ecoprogress") (TSX VENTURE:CES)(PINK SHEETS:CEPGF) today announced the signing of 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 will pay 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 have agreed to negotiate definitive agreements with the goal of executing such agreements no later than June 30, 2007.

Confidential documents have already been 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.

This transaction is aimed at providing financial benefit to Ecoprogress from growing worldwide sales. It also allows Flushaway® to more efficiently finance product manufacturing and shipping, allowing Ecoprogress to focus on marketing and distribution of product in its current markets.

Certain Ecoprogress management and personnel may become employees or consultants to API.

Flushaway® pads and liners are now carried in K-Mart in the US, and Coles and Priceline in Australia. Product is also available in South Africa, the US Marines Corps worldwide and Bonjour in Hong Kong.

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 the choice of a flushable feminine hygiene product.


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.

Contact Information

  • Consolidated Ecoprogress Technology Inc.
    John Banks
    CEO and President
    (604) 738-7015 or Toll Free: 1-888-326-7764
    (604) 738-7051 (FAX)