HONG KONG — (Marketwire) — 08/04/11 — PayChest, Inc. (PINKSHEETS: PYCT)
PayChest Inc. (the “Company”) is pleased to provide an update on upcoming commercial production of the Flushaway® brand of flushable, biodegradable women–s pads and liners.
Flushaway® is a product innovation that uses non-standard materials and a non-standard production process, when compared to non-flushable and non-biodegradable competitor products.
Working with Xinpro Manufacturing and its machine suppliers, the Company developed a new manufacturing model from scratch. This model has been implemented and includes specially developed, US designed machinery that was built and purchased solely for the production of the new design of Flushaway®. This new design requires that certain materials are produced by Xinpro, to our specification.
To reduce the production risks associated with this level of innovation, the Company has chosen to undergo a more extensive pilot production than the industry norm, and ensure manufacturing standards are consistently met. To date the results of pilot production have been very successful and have met the strict test criteria set out by the Company.
As part of the pilot production, an extensive independent review of Xinpro–s manufacturing has been completed in the last week that validates production methods and quality control processes. Minor improvements to certain machinery and production processes were recommended and are being implemented. Company representatives continue to meet with Xinpro management and operators to review recommended improvements, assess quality processes and test materials.
The Company anticipates continuing pilot production for another two to four weeks to validate these minor changes and ensure stability of the production process. Once this is complete the company plans to announce full scale commercial production of the Flushaway® product line.
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 Oregon is preparing to be spun off from its Arizona parent as a stock dividend.
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:
Paychest, Inc.
Tom Hands
604-628-1984
from overseas: +1-604-628-1984
Tobie Oliver
1-800-624-7479
from overseas: +1-714-274-7206