Consolidated Ecoprogress Technology Inc.: Binding Letter of Intent Signed with Yuji.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- CONSOLIDATED ECOPROGRESS TECHNOLOGY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CES) is please to announce the Company has signed a binding Letter of Intent/Initial Agreement with Yuji Development of China. The agreement, facilitated by Mercantile Consulting Ltd. of Vancouver (www.mercantileconsulting.com), provides the following: - A shares for debt settlement where Ecoprogress will issue 1,510,000 shares at a deemed price of $0.20 and pays Yuji $50,000 cash as payment of commercialization, branding and intellectual property costs accrued on behalf of Ecoprogress in China. The settlement is for the commercialization of film and Flushaway product carried out by Yuji and delivered in early April 2005. - A Sales and Distribution Agreement where Yuji will become an exclusive distributor in China, subject to Ecoprogress standard Sales and Distribution Agreement. Yuji is required to immediately place an order for C$200,000 for Flushaway on signing the Sales & Distribution contract. - A Non-Exclusive Manufacturing Agreement where Yuji will become a preferred supplier of Flushaway, subject to lowest cost, best quality, best delivery and service. The Sales and Distribution Agreement and the Manufacturing Agreement supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. the agreements previously signed with Champion in September 2004 and supersede the announcement made in February 2005 that anticipated acquiring a Newco spinoff from Yuji. Yuji was instrumental in the commercialization of film and Flushaway by investing in specialized machinery, people and facilities as well as carrying out local materials selection, film production trials and many other activities. Ecoprogress, Mercantile Consulting, and our strategic partner, Yuji, anticipate that sub-Agreements for the shares for debt, Sales & Distribution and Manufacturing Agreements will be refined and signed in the next few weeks. Flushaway; as advertised in Western Grocer Magazine. Ecoprogress is diligently working on becoming a lead player in environmentally friendly, absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. and 'plastic replacement' products. Its first branded product, Flushaway, provides women with a flushable feminine hygiene alternative product that, after disposal biodegrades in 28 days. ON BEHALF OF THE BOARD OF DIRECTORS John Banks, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President Consolidated Ecoprogress Technologies, Inc. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review . The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. Consolidated Ecoprogress Technology Inc. (TSX VENTURE:CES) |
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