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MyECheck Inc.: MyECheck Inc. Announces First Quarter 2009 Results

^{Published on 2009-05-15 13:13:05, Last Modified on 2009-05-15 13:13:53 - Market Wire}
 

SACRAMENTO, CA--(Marketwire - May 15, 2009) - MyECheck Inc. (OTCBB: [ MYEC ]), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its First Quarter 2009 financial results for the period of January 1, 2009 to March 31, 2009. Revenues recorded for the first quarter were $163,751 compared to $58,913 for the same period in 2008.

The Company processed over $27.5 million for the three months ending March 31, 2009 compared to $7 million for the same period in 2008; an increase of over 394%.

The Net Loss from Operations in Q1 2009 was $114,074 compared to $264,365 for 2008, a substantial drop as the Company refines its business model and works towards building more value.

Many online merchants offer no alternative to credit, resulting in lost sales due to many consumers' inability or unwillingness to purchase using credit. MyECheck's solution is fast becoming popular amongst etailers, government organizations and brick & mortar operators.

Ed Starrs, CEO of MyECheck, commented, "In this time of credit card decline rates being at their highest, it is important for etailers to remember that the check is still the largest non-cash payment method in the United States."

MyECheck works with more consumers than any other payment method and will lower costs, abandonment, charge-backs and fraud while increasing sales, loyalty and profits for its customers. And we offer our services at a fraction of the cost of credit-card processors, do not charge any recurring or account maintenance fees nor do we require any deposits or rolling reserves.

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 ] and follow us on Twitter at [ http://twitter.com/MyECheck ]

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.