SOURCE: MyECheck, Inc

MyECheck, Inc

May 15, 2015 16:38 ET

MyECheck Posts Auditor Reviewed First Quarter 2015 Financial Statements

FOLSOM, CA--(Marketwired - May 15, 2015) - MyECheck, Inc. (OTC PINK: MYEC), the leader in electronic check solutions for online and mobile payments, reported results for the first quarter (Q1) 2015. The financial statements have been reviewed by MyECheck auditors, PMB Helin Donovan pmbhd.com, and have been filed with the OTC, and will be filed with the SEC as part of the company's Form 10 application. Previously, MyECheck financial statements filed with the OTC were not auditor reviewed and therefore shareholders could only rely on management disclosure. Auditor reviewed quarterly financial statements and fully audited annual financial statements provide greater transparency and accurate financial reporting. 

For the three month period ending March 31, 2015, MyECheck reported $376,308 in Gross Profit and a Net Loss of $102,407. Revenue growth is expected to be derived primarily from MyECheck's mobile payment system, and from providing services to other mobile payment systems. During the period, the Company advanced development of its mobile payment system, integrating the recently acquired Seergate platform as a significant enhancement to the system, and integrating with Avidia Bank for the required bank account services. The Company also made critical management changes ahead of new product launch.

Ed Starrs, CEO stated "MyECheck is now in the process of activating our first merchants on the mobile payment platform in conjunction with Avidia Bank. The mobile payment system enables merchants to accept very low cost and secure real-time electronic payments from any registered user with a mobile device and a checking account. The software-only system functions at the merchant retail point-of-sale with no special hardware, and on their website and mobile site." 

The system will run in a live test mode for a period before the company submits the downloadable Android and Apple apps to Google and Apple stores for approval and download by the general public. MyECheck also expects to launch services for some of the Company's previously announced larger strategic partners with Avidia Bank, and other banks, in the coming weeks.

MyECheck filed a Form 10 Registration with the SEC on April 8 in order to become fully reporting with the SEC. Due to the recent acquisition of Seergate, Seergate audited financial statements and other documents were required to be added to the Form 10 filing. The company has been responsive to the SEC and expects that the Form 10 will be approved within the 60 day window ending June 7, or will automatically become effective on that date. MyECheck will then pursue its application with the OTC for graduation to the OTCQB stock exchange, eligible only for companies that are fully reporting with the SEC.

About MyECheck: Winner of the 2015 PYMNTS Award for Best Check Innovation, 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 new payment method is the fastest, safest and lowest cost method of processing payments and moving money 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 Information