MyECheck Inc. Announces Second Quarter 2009 Results -- Electronic Transaction Processor Increases Revenues by Over 100%
EL DORADO HILLS, CA--(Marketwire - August 17, 2009) - MyECheck Inc. (OTCBB: MYEC), an
electronic transaction processor and provider of alternative payment
solutions, is pleased to announce its Second Quarter 2009 financial results
for the period of April 1, 2009 to June 30, 2009.
The Company processed 884,502 transactions totaling $36,891,402.63 for the
three months ending June 30, 2009 compared to 425,208 transactions totaling
$15,372,749.39 for the same period in 2008; an increase of 140%.
Compared with Q1 2009, the Company grew processing volume by over 33% and
grew revenue by over 37% in Q2 2009.
In its seventh quarter of revenue generating operations, Q2 2009 revenue
was $225,074 compared to $110,805 for the same period in the previous year.
Net cash used in operating activities was only $5,331 for the six months
ended June 30, 2009, compared to $448,777 for the six months ended June 30
2008. MyECheck operated cash flow positive in both the months of May and
June 2009.
The Company expects continued revenue growth throughout the remainder of
2009 while keeping expenses to approximately the current level, increasing
profits and margins.
MyECheck also announced a number of larger clients in the second quarter
including Regal Entertainment Group, Simplifile and The Small Business
Network with over 175,000 members signed. Edward Starrs, C.E.O. of
MyECheck, noted that the Company is starting to attract larger revenue
potential clients and that the sales pipeline was expanding.
"We are pleased to have grown revenues and controlled expenses during the
economic downturn, and are maintaining double digit percentage growth on a
quarter to quarter basis," Starrs commented.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of
alternative payment solutions for brick & mortar, internet, and mobile
commerce. MyECheck utilizes a patented method of creating and clearing
remotely created checks 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
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.
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