TCA Closes $5 MM Line of Credit With MyECheck
October 30 2014 - 9:00AM
Business Wire
MyECheck, Inc. (OTC PK: MYEC), the leader in electronic check
solutions for internet and mobile payments, announced today that it
has secured a $5 million USD line of credit from TCA Fund
Management Group (“TCA”), a U.S.-based investment management
company that specializes in senior secured lending and advisory
services to small and medium sized companies.
Terms of the agreement are that MyECheck will initially draw
down approximately $550,000; will pay approximately $60,000 in fees
in cash; issue approximately 3.8 MM shares and establish a share
reserve fund (to be determined) to TCA and its associates.
“We are very pleased that TCA, through an extensive due
diligence process, has partnered with us on this credit facility,"
said Ed Starrs, chairman and chief executive officer of MyECheck.
“We look forward to working with them and expanding our business
plan with this available capital.”
About TCA: TCA’s Global Credit Master Fund is a short
duration, absolute return fund specializing in senior secured
lending and advisory services to small, mainly listed companies,
predominately in the U.S., Canada, Western Europe and Australia.
This specialist business fills the underserved small-cap lending
gap, which exists in these markets, leading to a unique opportunity
for investors seeking absolute, uncorrelated returns from the
small-cap debt universe. For more information, visit
www.tcaglobalfund.com and follow them on Twitter
(@TCAGlobalFund).
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.
For MyECheck Inc.Rebecca Mayo, 678-781-7221Payments/Banking
Mediarebecca@williammills.comorMyECheckBill DelgadoInvestor
Relationsbill.delgado@myecheck.com