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Mr John Banks reports:
In the past, the company has received several verbal inquiries regarding the licensing of its technology for the Flushaway™ Pads and Liners. However, there was not a strong enough business case or financial motivation to proceed. Recently, Ecoprogress has received expressions of interest from several parties regarding the licensing of our technology. Preliminary discussions have begun. The Company is seeking cash and royalties. Also, over the last 3 weeks, the company has reformulated its business plan at the request of one of the interested parties.
The implementation of nanotechnology materials is continuing but has had some delays. Exceptionally bad weather in the USA delayed the delivery of certain materials to QuarTek that were necessary for production. Once a revised timetable is complete a further update will be provided.
After the Chinese New Year holiday, the production process will resume and is planned to be perfected in March using the new nanotech materials. This timetable is being confirmed following the delay in the USA. It is estimated that 3 containers of product using the nanotech materials will be manufactured as soon as the implementation is complete.
Beginning on February 14, 2007, John Banks was travelling outside of the country and will be returning to Canada approximately the last week in March. The travel plans include North America, Europe, Asia and possibly Australia.
Meetings are scheduled in London, England with potential brokers, product engineers, designers, and high net worth investors. Meetings in North America include brokers, investors, as well as QuarTek in North Carolina. Meetings with Highford Holdings in China and other potential strategic partners may also take place during this time.
Over the last two weeks the company has meet with agencies with regard to research grants for future product lines. Preliminary work has begun and a progress report will be issued as news becomes available.
The company has also reduced its accounts payable during February from approximately $340,000 to around $272,000. Also, the company is finalizing paperwork to close the second tranche of the $500,000 private placement. The company had already closed the first tranche for $304,050. It is expected to be oversubscribed.
In keeping with a tighter control over its distributors and brokers the Company is continuing its review and discussions to obtain the best financial yield for shareholders.
The company has sent the latest financials to a US market maker regarding a pink sheets listings. The companies shares can trade under the symbol "CEPGF" although most of the company's trading takes place on the TSX Venture market in Canada under the symbol "CES" The audited financials along with the recently completed quarterly statements were necessary to further the listing process.
Given the number of changes expected this year the company will be providing a regular progress report on the last Thursday of every month. Shareholders and interested investors are encouraged to submit their e-mail address to to receive these and other updates.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
John Banks, CEO and President
Consolidated Ecoprogress Technology Inc.
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.
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.
For more information, please click here
Consolidated Ecoprogress Technology Inc.
CEO and President
(604) 738-7015 or Toll Free: 1-888-326-7764
(604) 738-7051 (FAX)
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