MyECheck Reports 2nd Profitable Quarter in 2014


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PK:MYEC
08/13/2014 [ACCESSWIRE]

Company Posts $182,281 Revenue, Grows Assets, Audits Financial Statements, Prepares Form 10 SEC Filing

FOLSOM, CA, United States / ACCESSWIRE / Aug 13, 2014 / MyECheck, Inc. (OTC PK: MYEC), the leading developer and licensor of electronic check services, today reported Q2 2014 results.  For the three months ended June 30, 2014, total operating expenses for the 2nd quarter were $155,970 and gross profit from operations was $137,754

Cash at June 30 was $1,020,209 and assets including cash, accounts receivable and prepaid expenses were $1,725,335.

For the six months ended June 30, 2014, the Company incurred a net profit of $1,356,037, and as of June 30, 2014, had $1,020,209 cash and a working capital of $1,158,559. 

During the period the Company hired and trained 9 new employees and 3 new independent contractors including an Executive Vice President of Operations and a Vice President of Sales & Marketing. 

In the second quarter the Company leased a new corporate head office facility.

In Q2 2014 MyECheck entered into MyECheck Services Agreements with two important accounts, iCard1 and VX Gateway, both of these partners bring to the Company strategic value in addition to revenue.

The Company also announced that it is filing a Form 10 with the Securities and Exchange Commission to become a fully reporting company.  Accompanying the Form 10 will be fully audited financial statements.  The Form 10 filing, including the audited financials, will be available for download from http://www.otcmarkets.com/ once filed.

About MyECheck

MyECheck Inc. is a leading electronic payment technology developer and payment services provider. MyECheck operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008.  The new patented 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.

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.

Please visit http://www.myecheck.com/

Contact:


Investor Relations
ir@myecheck.com


Sales
Nate Wigle
info@myecheck.com

 

Source: MyECheck, Inc.

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