MyECheck Reports 2013 Annual Results
March 31 2014 - 9:35PM
Marketwired
MyECheck Reports 2013 Annual Results
Electronic Payment Processor Posts Operating Profit Ramps Up
Licensing Fees
EL DORADO HILLS, CA--(Marketwired - Mar 31, 2014) - MyECheck,
Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment
solutions provider and the leader in fully electronic check
technology today announced financial results and issues its annual
report for 2013.
For the twelve months ended December 31, 2013, net profit was
$1,018,693 with revenue from operations at $439,233. Total
liabilities were reduced by $718,365.
For the 3 months ended December 31, 2013 (Q4), net profit was
$465,083 with revenue from operations at $361,402 and total
liabilities were reduced by $168,239.
Most of the revenue was derived from licensing activities that
will result in increased transaction fee revenue in the future.
"2013 was the year we re-started growing our company with a new
and very effective business model," said Ed Starrs, MyECheck's CEO.
"We were also able to develop the products and systems we need for
future growth. System licensing is proving to be successful and the
new mobile products we are licensing are expected to drive rapid
adoption of users on our system," he added. "We expect revenue to
grow exponentially throughout 2014."
MyECheck derives revenue from transaction fees collected for
data processing, for check authorization and fraud mitigation
services, and from technology, software and patent licensing
fees.
About MyECheck MyECheck Inc. is a leading electronic payment
technology developer providing a new electronic payment method that
is replacing cash, paper checks, credit & debit cards, and ACH
"e-check" payments. MyECheck operates under license to US Patent
7,389,913, "Method and Apparatus for Online Check Processing"
granted June 2008. The patented new fully electronic real-time
payment method is the fastest, most secure and most cost effective
method of processing payments in the US, and it works with the most
people, businesses and entities. MyECheck provides comprehensive
payment systems for all payment applications including mobile
payments and the industry's most advanced security and fraud
control technologies. MyECheck customers include corporations,
retailers, governments, payment processors and financial
institutions.
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