EL DORADO HILLS, CA -- (Marketwired) -- 05/15/14 -- MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), the leading developer and licensor of electronic check services, today reported Q1 2014 results. For the three months ended March 31, 2013, revenue from operations was $1,361,783, total expenses were $37,737, and net income was $1,323,656.
Cash and cash receivables were increased to $1,687,068, and as of May 15, the Company has $1,078,964 in cash. Stockholders equity was increased from a $1.2 million shareholder deficit in the same period previous year, to almost $1.2 million in shareholder equity.
During the quarter, the company sold a number of licenses for it's new mobile payment app system, including custom developed apps with unique security features for specific targeted industries.
The company re-purchased at par value and cancelled 1 billion shares of its common stock in the first quarter.
The company hired a new CFO, a new COO and a seated a new Board Director also during the quarter.
MyECheck engaged auditors to audit its financial records dating back from 2009 to current. The company expects that the audit will be complete before the next reporting deadline, August 15 2014, and that complete audited financial statements from 2009 to current will be available at that time for filing with the appropriate reporting agency.
The Company also has been sponsored by Glendale Securities for its application for electronic clearing of its shares through the Depository Trust Company "DTC", and is awaiting final approval for DTC eligibility, currently pending.
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. 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.
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.