MyECheck Reports $1.3 Million Net Earnings in the First Quarter 2014
May 15 2014 - 8:27PM
Marketwired
MyECheck Reports $1.3 Million Net Earnings in the First Quarter
2014
EL DORADO HILLS, CA--(Marketwired - May 15, 2014) - MyECheck,
Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), the leading developer and
licensor of electronic check services, today reported Q1 2014
results. For the three months ended March 31, 2013, revenue
from operations was $1,361,783, total expenses were $37,737, and
net income was $1,323,656.
Cash and cash receivables were increased to $1,687,068, and as
of May 15, the Company has $1,078,964 in cash. Stockholders
equity was increased from a $1.2 million shareholder deficit in the
same period previous year, to almost $1.2 million in shareholder
equity.
During the quarter, the company sold a number of licenses for
it's new mobile payment app system, including custom developed apps
with unique security features for specific targeted industries.
The company re-purchased at par value and cancelled 1 billion
shares of its common stock in the first quarter.
The company hired a new CFO, a new COO and a seated a new Board
Director also during the quarter. MyECheck engaged auditors to
audit its financial records dating back from 2009 to
current. The company expects that the audit will be complete
before the next reporting deadline, August 15 2014, and that
complete audited financial statements from 2009 to current will be
available at that time for filing with the appropriate reporting
agency. The Company also has been sponsored by Glendale
Securities for its application for electronic clearing of its
shares through the Depository Trust Company "DTC", and is awaiting
final approval for DTC eligibility, currently pending.
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. 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. 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