EL DORADO HILLS, CA -- (Marketwired) -- 06/13/14 -- MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, today announced that it will acquire its licensee GreenPay LLC for approximately $400,000. The merger payment will be treated as an offset to a current receivable due from GreenPay LLC. No cash or stock will exchange or transfer as a result of this merger, and no resulting liabilities will be assumed.
MyECheck announced on February 26, 2014 that GreenPay had entered into a licensing agreement with MyECheck for a secure mobile payment solution for the legal marijuana industry. Upon delivery of the custom developed system to GreenPay, management of both companies determined it would be difficult for GreenPay, with its limited industry experience, to manage the implementation of the system, and it would be in the best interest of all parties to merge the companies.
Upon completion of the merger, GreenPay LLC will continue to operate as a separate entity to MyECheck, but will be a wholly owned subsidiary of MyECheck, Inc. All revenue generated by GreenPay will flow to MyECheck.
GreenPay is launching a mobile app payment solution "mj-pay" designed specifically for the legal marijuana industry. The system will enable secure real time electronic funds transfers at marijuana retail locations, and resolve the issues the industry is experiencing by being dependent on cash. Currently, legal state licensed retailers in places such as Colorado cannot deposit their cash in a bank. The mj-pay solution will enable retailers to accept electronic transfers, and also electronically transfer their proceeds to bank accounts.
About MyECheck: MyECheck Inc. is a leading electronic payment technology developer and payment services provider. MyECheck operates under license to US Patent 7,389,913, "Method and Apparatus for Online Check Processing" granted June 2008. The new patented 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.