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Consolidated Ecoprogress Technology Inc. (TSX VENTURE: CES)(PINK SHEETS: CEPGF) has appointed Spartan Securities of Florida to undertake the listing of the Company on the US Pink Sheets. Preparatory documents have already been submitted to Spartan Securities for the submission of the 15-C211. It is our understanding that a quoted bid and offer will occur approximately early June 2007. This will allow US investors easier access to trade Ecoprogress shares, thereby expanding the investor audience. It is anticipated that liquidity in the company's shares will increase as a result.
A preliminary Letter of Intent for US$5,000,000 announced on March 27, 2007 provides April Project 1 exclusive sales & distribution for all unassigned territories, and exclusive worldwide manufacturing for the feminine hygiene range. This provides Ecoprogress an initial cash payment, ongoing royalties, a note receivable, and may also cover the cost of some Ecoprogress employees or consultants in the near future. It also would reduce the burden of manufacturing, working capital, inventory and the cost of advertising in those 'sold' territories while allowing Ecoprogress to benefit from royalties. Sales from existing Ecoprogress distributors will continue once production resumes; expected around the end of April.
Discussions have been held with potential manufacturers, sales brokers and investors in China and Europe. Meetings with Quartek reviewed the status and refined the test process needed to complete the first version of the nanotech materials. Final formulation of the new nanotechnology materials has been delayed, due to the complexity of the requirements, and is expected to complete within two weeks. Trial production will commence after this.
Negotiations are continuing with Procter & Gamble to finalize an agreement on wing design royalties. An agreement has been proposed and is being reviewed by both companies.
The company is considering several investor relations groups to increase shareholder awareness. No decision has been finalized as of this date.
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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
John Banks, CEO and President
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.
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Consolidated Ecoprogress Technology Inc.
CEO and President
1-888-326-7764 or (604) 738-7015
(604) 738-7051 (FAX)
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