Company Grows Revenue 38% Over First Quarter 2009, Expects Growth Rate to Accelerate in Third Quarter 2009
EL DORADO HILLS, CA -- (Marketwire) -- 07/14/09 -- MyECheck Inc. (OTCBB: MYEC), an
electronic transaction processor and provider of alternative payment
solutions, is pleased to announce that it operated at a profit in both the
months of May and June, 2009. Revenue in the second quarter 2009 was
approximately 38% higher than in the first quarter 2009, and approximately
110% higher than the second quarter 2008.
Management notes that revenue in the second quarter does not yet reflect
most of the larger clients signed in the past several months that are
expected to start generating revenue for the company in the third quarter
of 2009.
California State Teachers Retirement Fund (CalSTRS), Simon Property Group,
Regal Entertainment and Simplifile are expected to start revenue generation
for the company in the third quarter.
Additionally, the company states that it has a significant number of large
revenue potential accounts in the sales pipeline that it believes will
close and will add additional significant revenue before the end of the
year.
Edward Starrs, CEO of MyECheck, commented, "We have reached a very
important milestone in the evolution of our company whereby we are now
operating at a profit. Because of our low overhead and extraordinary
economies of scale, we believe that we will continue to be increasingly
profitable well into the foreseeable future."
Mr. Starrs added, "Unlike other alternative payment providers that only
operate in the approximately $100 billion e-commerce space, MyECheck
operates in the $44 trillion check industry, offering services with
benefits for all businesses and entities that accept payments. In fact,
MyECheck provides services where no other payment option is viable, such as
large value transactions, micro-payments, business to business, consumer to
government and government to government in addition to consumer to business
transactions."
The company notes that the numbers contained in this release are unaudited,
and are made in good faith and based on all the financial information
available to the company today. Further, past financial business,
operations and stock performance are not necessarily indicative of the
company's future performance. Full second quarter financial results with
be filed with the SEC prior to the deadline of August 15.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of
alternative payment solutions to credit cards for brick & mortar, internet,
and mobile commerce. MyECheck utilizes a patented method of creating and
clearing remotely created checks (RCCs) for exceedingly fast, secure and
cost effective payments. As the leader in Check 21 solutions and check
image processing for online merchants, MyECheck provides merchants with
financial access to more customers than any other payment method.
Please visit www.myecheck.com and follow us on Twitter at
http://twitter.com/MyECheck
Forward-looking statements in this release are made pursuant to the "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 Securities and Exchange Commission
Contact:
Patrick Lowry
916.932.0089
Email Contact