Epilar System Hair Growth Inhibitor

The Epilar System claims to be a topical product that, when used in a series of 8-12 treatments spaced 5-6 weeks apart, can inhibit hair regrowth. There are two topical gels, an inhibitor and an activator.
Some info. is listed here:
http://www.universalcompanies.com/eshop/Pages/ProductDetail.aspx?nodeId=29934

Ingredients:
Inhibitor 1 - Glycerin, Trypsin, Aqua, Thriethanolamine, Carbomer.
Activator 2 - Aqua, Diethylamine Salicylate, Sodium Hydroxide, Carbomer, Sodium Benzoate.

I can't find a US site for this company, nor can I find any FDA-related data specific to their branded product, so I'm wondering if you guys know the scoop on whether this product is legit and effective.

Looking at the ingredients, it doesn't look all that special, and the sodium hydroxide (aka lye) seems like a bad idea on a product used on the face, and I think the jury is still out on whether Trypsin (it's an enzyme, right?) is a hair growth inhibitor.

Thoughts on the ingredient combo here, and is it junk or worth a try for those of us who have to keep up with our girl 'staches weekly?

Thanks!