SOURCE: PayChest Inc.

April 14, 2011 12:13 ET

PayChest Completes Prototype Film Production Test

HONG KONG--(Marketwire - Apr 14, 2011) - 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.

Contact Information

  • Contact
    PayChest, Inc.
    ir@paychest.com

    Tom Hands
    604-628-1984
    from overseas:
    +1-604-628-1984

    Tobie Oliver
    1-800-624-7479
    from overseas:
    +1-714-274-7206