FOLSOM, Calif., Mar 12, 2015 /PRNewswire/ -- MyECheck, Inc. (OTC PK: MYEC), the leader in electronic check solutions for Internet and mobile payments, announced today that is has recovered 275,000,000 million shares of MyECheck ("MYEC") common stock that was issued fraudulently. The stock has been cancelled, thereby reducing the public float by approximately 13.1%.

MyECheck reported on December 11, 2014 that it had filed a lawsuit against four companies in an attempt to recover 1.44 billion shares of MYEC stock that had been issued but not authorized by MyECheck. The lawsuit alleges that fraudulent documents were used to cause the issuance of 1.44 billion shares of the stock in several issuances during 2012 and 2013.

One of the parties named in the lawsuit, Seven Mile Securities, as a result of the lawsuit, voluntarily agreed to cancel the 275,000,000 shares, and those shares have been cancelled by the company transfer agent thereby reducing the total issued and outstanding shares of MyECheck by 275,000,000 shares.

The company stated they also expect to recover and cancel the 280,000,000 fraudulently issued shares held by Titan Securities, also named in the lawsuit.

MyECheck also seeks recovery of approximately 900,000,000 unauthorized shares believed sold by Scottsdale Securities.

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.

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SOURCE MyECheck, Inc.