MyECheck Reports Third Quarter Results
November 13 2013 - 12:16PM
Marketwired
MyECheck Reports Third Quarter Results
Electronic Payment Processor Posts Operating Profit, Increases
Cash and Reduces Debt
EL DORADO HILLS, CA--(Marketwired - Nov 13, 2013) - MyECheck,
Inc. (OTC Pink: MYEC), a provider of innovative electronic check
data processing services, today announced financial results for its
third quarter 2013 ended September 30, 2013.
The Company posted quarterly gross income of $580,314 and
quarterly net profit of $553,609. Net revenue from operations
was $78,094 and net income from operations was
$51,389. Revenue from operations was derived from both
transaction fee revenue and licensing fee revenue.
In the third quarter, the Company wrote down $502,220 of its
debt reducing total debt from $804,320 to $302,100. In the six
month period ended September 30, 2013, the Company has reduced
total debt by $902,220.
The Company increased its cash position by $51,389 during the
third quarter.
The third quarter was the Company's first full quarter of
revenue generation since it restarted operations in the second
quarter 2013.
"We're very pleased to have started growing revenue again," said
Ed Starrs, MyECheck's CEO. "Our processing services are in great
demand and our new revenue channel of software and patent system
licensing is showing great potential for rapid widespread
distribution of our technology and services. Having eliminated
most of our debt, the Company is now much more attractive to both
investors and customers helping facilitate faster revenue growth,"
he added.
MyECheck derives revenue from transaction fees collected for
data processing utilizing the proprietary MyECheck check engine,
and from transaction fees collected for check authorization and
fraud mitigation services, and from technology licensing fees from
licensees who pay upfront fees and transaction fees for data
processing on their licensed system and/or patent sub-license from
MyECheck.
MyECheck serves a wide variety of customers including
Corporations, Governments, Retailers, Banks and Payment Services
Providers. The Company is executing its plan of rapid
widespread distribution of its services by targeting customers and
distribution partners that can provide large numbers of
transactions immediately.
As the pioneer in fully electronic check payment technology,
MyECheck has successfully processed nearly 10 million fully
electronic checks in near real time without measureable error or
fraud using their unique patented new technology. The system
enables near real time payments from any US financial account,
including accounts that Automated Clearing House (ACH) e-check
solutions cannot debit such as all government accounts, many
business and personal accounts, brokerage accounts and many other
account types.
MyECheck provides the easiest, fastest and most widely useable
payment method ever. The technology enables payments from a
much larger customer base, and provides faster collection of money
with less risk and lower costs.
About MyECheck MyECheck Inc. is a leading electronic transaction
data processor that provides a superior alternative payment
solution to paper checks, payment cards and ACH payments. MyECheck
technology utilizes a patented method of processing check data
through the Check 21 check image processing infrastructure for
exceedingly fast, secure and cost effective payments. As the first
to market leader in Check 21 solutions and check image processing
for online, remote, automated and mobile transactions, MyECheck
provides financial access to more customers and faster funds
clearing than any other electronic payment method.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including, without limitation, continued acceptance of mentioned
products, increased levels of competition, new products and
technological changes, dependence upon third-party suppliers,
intellectual property rights, and other risks detailed from time to
time in reports filed with the SEC.
Contact: Ed Starrs Investor Relations: ir@myecheck.com Sales:
info@myecheck.com