SOURCE: MyECheck Inc.

March 17, 2008 13:38 ET

MyECheck Provides Shareholder Update on Business Model

Check 21 Processing Leader Continues to Roll Out New Clients on Proprietary Software Platform

SACRAMENTO, CA--(Marketwire - March 17, 2008) - MyECheck Inc. (OTCBB: MYEC) is a leading provider of comprehensive viable alternative payment solutions to credit cards for brick & mortar, internet, intranet and mobile commerce. MyECheck utilizes a proprietary method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and convenient payments. Since inception in 2004, MyECheck has continued to enhance its offerings and launch new services including Remote Deposit Capture and POS solutions.

The Company's revenue model is based on deriving a fee and/or percentage of each transaction. Residual income is earned on an ongoing basis on all transactions processed on the system. With low cost of services provided, the Company's gross margins are high.

Merchants can directly integrate with MyECheck's payment engine, or connect through one of MyECheck's integrated partners such as Cardinal Commerce, or others to be announced. MyECheck's payment engine uses patent pending technology to generate electronic checks ("remotely created checks" or "RCCs") in accordance with the Check 21 specification. MyECheck possesses US Patent Application No. 11/413,673, "Method and Apparatus for Online Check Processing."

MyECheck requires no physical check from the payor or payee for processing, we generate electronic checks that adhere to the Check 21 specification and transfer them for further processing to banks or directly to the check clearing system. MyECheck does not utilize the ACH network.

Ed Starrs, CEO of MyECheck commented, "RCCs have been used for decades by mortgage companies, insurance companies, credit card companies and many others to collect recurring payments from their customers. Trillions of dollars are processed as checks annually. MyECheck allows these companies to fully automate, eliminate paper from their process, and speed collection by at least 2 days. Similarly, brick and mortar merchants can now image checks at the point of sale or in the back office, pass these images to MyECheck for processing and eliminate much accounting, check transportation costs, and speed collection of funds."

Mr. Starrs continued, "Mail order merchants can image checks as they arrive in the mail, image them and pass the images to MyECheck for processing. Merchants who engage in all forms of commerce including web, telephone and point of sale can now utilize a single platform, MyECheck, for all their check processing, and benefit from faster collection of funds."

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Forward-looking statements in this release are made pursuant to the "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 periodic reports filed with the Securities and Exchange Commission.

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