FOLSOM, Calif., Jan. 30, 2015 /PRNewswire/ -- MyECheck, Inc.
(OTC PK: MYEC), the leader in electronic check solutions for
internet and mobile payments, announce today that it has signed an
agreement to acquire 100% of the stock of Seergate, developer of a
comprehensive electronic payment software platform for banks, in
exchange for a minimum $3 M in shares
of MyECheck common stock. The Seergate system will be
integrated with the MyECheck payment systems adding multiple new
capabilities to MyECheck's payment platform.
Seergate Ltd., founded in 2007, is an Israeli corporation with
offices in Atlanta, GA. The
company raised several million dollars from investors to
develop and commercialize a revolutionary new omni-channel payment
platform targeting small business, electronic commerce and personal
money movement. The Seergate payments platform is a robust
and proven solution that ran in production with 4 banks in the US
in collaboration with a banking core processor.
Some of the capabilities the Seergate platform will add to
MyECheck include:
- Virtual bank accounts with sub-account creation and
management
- Mobile payments, transfers and POS commerce systems
- Automated billing, invoicing and payments for business
- Refunds, pay outs and bank account push transactions
- Social Network payments
- Multiple layers of authentication and fraud controls
The acquisition of the Seergate platform enables MyECheck to
operate a closed loop payment system independent of third party
software platforms.
MyECheck enables highly secure transactions of any size, from
$0.01 to over $10,000,000, they process in real time, clear the
same day, and cost $0.25 or less.
The acquisition is expected to close in approximately 6 weeks,
subject to due diligence, and after the completion of technical
bank integration, MyECheck will launch its mobile app payment
system that will include the Seergate technology.
About MyECheck: MyECheck Inc. is a leading electronic
payment technology developer, licensor and payment services
provider. MyECheck operates under license to US Patent
7,389,913, "Method and Apparatus for Online Check Processing"
granted June 2008. This patented payment method is the
fastest, most secure and most cost effective method of processing
payments in the US. MyECheck provides comprehensive payment
solutions 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. For more information, contact sales@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: Bill Delgado,
ir@myecheck.com
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SOURCE MyECheck, Inc.