FOLSOM, CA / ACCESSWIRE / August 22, 2014 / MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), the leader in electronic checks for online and mobile payments, today announced that it has completed the acquisition of its licensee, GreenPay LLC. GreenPay LLC is now a wholly owned subsidiary of MyECheck, Inc.
MyECheck announced on February 26, 2014 that GreenPay had entered into a licensing agreement with MyECheck for a secure mobile payment solution for the legal marijuana industry. On June 13 MyECheck reported its intent to acquire GreenPay, owner of the mj-pay mobile payment app.
The mj-pay system enables secure real time electronic funds transfers at marijuana retail locations, and provides regulatory compliance with FinCEN guidelines for banks.
GreenPay assets are owned by MyECheck, however GreenPay will be operated as a separate entity with an independent board of directors and management. Future licenses sold for the marijuana industry will be sold and licensed by GreenPay, and existing licensees are being transferred to GreenPay.
Shareholders will vote on proposals regarding the future disposition of GreenPay at the MyECheck Annual General Meeting on Oct 11, 2014.
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.
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.
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SOURCE: MyECheck, Inc.