EL DORADO HILLS, CA -- (Marketwired) -- 03/31/14 -- MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced financial results and issues its annual report for 2013.
For the twelve months ended December 31, 2013, net profit was $1,018,693 with revenue from operations at $439,233. Total liabilities were reduced by $718,365.
For the 3 months ended December 31, 2013 (Q4), net profit was $465,083 with revenue from operations at $361,402 and total liabilities were reduced by $168,239.
Most of the revenue was derived from licensing activities that will result in increased transaction fee revenue in the future.
"2013 was the year we re-started growing our company with a new and very effective business model," said Ed Starrs, MyECheck's CEO. "We were also able to develop the products and systems we need for future growth. System licensing is proving to be successful and the new mobile products we are licensing are expected to drive rapid adoption of users on our system," he added. "We expect revenue to grow exponentially throughout 2014."
MyECheck derives revenue from transaction fees collected for data processing, for check authorization and fraud mitigation services, and from technology, software and patent licensing fees.
MyECheck Inc. is a leading electronic payment technology developer providing a new electronic payment method that is replacing cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck operates under license to US Patent 7,389,913, "Method and Apparatus for Online Check Processing" granted June 2008. The patented new fully electronic real-time 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.