SOURCE: MyECheck, Inc.

November 13, 2013 12:16 ET

MyECheck Reports Third Quarter Results

Electronic Payment Processor Posts Operating Profit, Increases Cash and Reduces Debt

EL DORADO HILLS, CA--(Marketwired - Nov 13, 2013) - MyECheck, Inc. (OTC Pink: MYEC), a provider of innovative electronic check data processing services, today announced financial results for its third quarter 2013 ended September 30, 2013.

The Company posted quarterly gross income of $580,314 and quarterly net profit of $553,609. Net revenue from operations was $78,094 and net income from operations was $51,389. Revenue from operations was derived from both transaction fee revenue and licensing fee revenue.

In the third quarter, the Company wrote down $502,220 of its debt reducing total debt from $804,320 to $302,100. In the six month period ended September 30, 2013, the Company has reduced total debt by $902,220.

The Company increased its cash position by $51,389 during the third quarter. 

The third quarter was the Company's first full quarter of revenue generation since it restarted operations in the second quarter 2013.

"We're very pleased to have started growing revenue again," said Ed Starrs, MyECheck's CEO. "Our processing services are in great demand and our new revenue channel of software and patent system licensing is showing great potential for rapid widespread distribution of our technology and services. Having eliminated most of our debt, the Company is now much more attractive to both investors and customers helping facilitate faster revenue growth," he added. 

MyECheck derives revenue from transaction fees collected for data processing utilizing the proprietary MyECheck check engine, and from transaction fees collected for check authorization and fraud mitigation services, and from technology licensing fees from licensees who pay upfront fees and transaction fees for data processing on their licensed system and/or patent sub-license from MyECheck.

MyECheck serves a wide variety of customers including Corporations, Governments, Retailers, Banks and Payment Services Providers. The Company is executing its plan of rapid widespread distribution of its services by targeting customers and distribution partners that can provide large numbers of transactions immediately.

As the pioneer in fully electronic check payment technology, MyECheck has successfully processed nearly 10 million fully electronic checks in near real time without measureable error or fraud using their unique patented new technology. The system enables near real time payments from any US financial account, including accounts that Automated Clearing House (ACH) e-check solutions cannot debit such as all government accounts, many business and personal accounts, brokerage accounts and many other account types. 

MyECheck provides the easiest, fastest and most widely useable payment method ever. The technology enables payments from a much larger customer base, and provides faster collection of money with less risk and lower costs.

About MyECheck
MyECheck Inc. is a leading electronic transaction data processor that provides a superior alternative payment solution to paper checks, payment cards and ACH payments. MyECheck technology utilizes a patented method of processing check data through the Check 21 check image processing infrastructure for exceedingly fast, secure and cost effective payments. As the first to market leader in Check 21 solutions and check image processing for online, remote, automated and mobile transactions, MyECheck provides financial access to more customers and faster funds clearing than any other electronic payment method.

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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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