LAGUNA HILLS, CA -- (Marketwired) -- 03/28/14 -- Itonis, Inc. (PINKSHEETS: ITNS) today announced that it has signed a Licensing Agreement with MyECheck, Inc. for Itonis to acquire a software license for MyECheck's patented mobile payment app that will facilitate point of purchase transactions for medical marijuana, gambling, and general retail sales. There is no expiration date on that license.
MyECheck (PINKSHEETS: MYEC) today also released its news regarding our license agreement. (http://www.marketwired.com/press-release/myecheck-announces-three-new-licensees-of-its-real-time-mobile-payment-platform-pinksheets-myec-1893574.htm)
The license agreement calls for Itonis to pay a one-time licensing fee to MyECheck as well as a portion of the per-transaction fees collected at the point of sale.
"This venture should be a win-win for the shareholders of both companies. Our management team believes that a robust marketing of the license should retire the licensing fee financing in a relatively short business cycle," says Mark Cheung, the Company's CEO.
About Itonis, Inc.
Itonis, Inc. was incorporated in the state of Nevada on July 5, 2005 under the name of Kenshou, Inc., which later changed to Itonis, Inc. on December 2, 2005. Please visit www.itonisholdings.com.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's affiliates that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.