SOURCE: PayChest Inc.

March 02, 2011 11:49 ET

PayChest Inc. Commercial Production Update

HONG KONG--(Marketwire - March 2, 2011) - PayChest, Inc. (PINKSHEETS: PYCT) (the "Company") is very pleased to announce the start of a manufacturing contract for the production of Flushaway® products.

Terms agreed for a Manufacturing Agreement with Xinpro Manufacturing signed December 2nd, 2010 become effective by the first half of March 2011; upon completion of a dedicated manufacturing facility, in the Shanghai area, and the delivery of the first machine tailored exclusively for Flushaway® production and use.

On December 7th, 2010 Xinpro paid a down payment to a film machine manufacturer to make a new machine designed to produce polyvinyl alcohol film. The machine manufacturer has confirmed to the Company that delivery is now imminent. A tour and review of the manufacturing facility last week by the Company confirmed preparations are now complete and ready for machine delivery.

This is the first time a supplier has purchased specially designed machinery specifically for the dedicated and exclusive production of Flushaway® products. It is also the first of a range of production machines to be purchased for this purpose.

Polyvinyl alcohol film is a key 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.

Patents and a new patent application (patent pending) that protect the intellectual property of Flushaway® and the film are based on those licensed to the Company. A number of patents and patents pending are used in the production of the Flushaway® brand of pads and liners. One patent that was pending had appeared on the WIPO web site (World Intellectual Property Organization) was recently discontinued by the licensor in favor of a superior design solution resulting in a new patent application.

In anticipation of upcoming commercial production, .the company has recently expanded its sales force activities worldwide as sales representatives have met with potential distributors, retailers and wholesalers in Europe, China and, in particular, North America. Strong interest has been expressed in the Flushaway® brand of products.

Management is extremely pleased with the recent business developments and expects commercial production to start shortly after machine installation.

Shareholders, interested investors and potential consumers should keep a close eye on the series of upcoming news releases and the company website www.paychest.com for updates. A news release will be issued when commercial production begins as well as information where the product can be purchased.

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