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MyECheck Inc. Announces Third Quarter 2009 Results -- Electronic Transaction Processor Increases Revenues for 7th Consecutive Q

^{Published on 2009-11-16 15:18:36 - Market Wire}
 

SACRAMENTO, CA--(Marketwire - November 16, 2009) - MyECheck Inc. (OTCBB: [ MYEC ]), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its Third Quarter 2009 financial results for the period of July 1, 2009 to September 30, 2009.

For the nine months ended September 30, 2009, the Company reported 93% annual growth with revenue from operations of $627,434 compared to $325,892 reported for the same period in 2008. Revenues recorded for the third quarter of 2009 were $238,068 compared to $156,174 for the same period in 2008.

MyECheck processed over $39 million for the three months ending September 30, 2009 compared to $29 million for the same period in 2008; a growth of over 35%.

And the Company processed over $104 million for the nine months ending September 30, 2009 compared to $90 million for the same period in 2008.

The Company is now looking to expand its sales force and increase its marketing capabilities this quarter as outside firms are now beginning to gear up for a market recovery in the United States. Initially, MyECheck will increase its sales team and build a division in-house to maximize the revenues from new partnerships.

Edward Starrs, C.E.O. of MyECheck, noted, "MyECheck continues to grow during difficult global economic conditions, and we now feel that our services and partnerships will begin to develop at a faster pace as the economy turns for the better. We are now developing strong in-house sales and marketing tactics to capitalize on the re-emergence of growing eCommerce and increased consumer spending."

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 S.E.C.