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Wed, August 19, 2009
Tue, August 18, 2009
Mon, August 17, 2009
MyECheck Inc.: MyECheck Inc. Announces Second Quarter 2009 Results -- Electronic Transaction Processor Increases Revenues by Ov
EL DORADO HILLS, CA--(Marketwire - August 17, 2009) - MyECheck Inc. (
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.