SACRAMENTO, CA -- (Marketwire) -- 11/06/08 -- MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its Third Quarter 2008 financial results for the period of July 1, 2008 to September 30, 2008.
The Company recorded revenues of $156,174 for the Third Quarter as compared to $110,805 for the Second Quarter; an increase of 41% on a quarter-to-quarter comparison basis.
Revenues recorded for nine months ending September 30, 2008 were $325,892 compared to $4,771 for the same period in 2007.
The Net Loss from Operations in the Third Quarter was ($122,562) compared to ($210,540) for the Second Quarter, which the Company feels is a marked improvement as operations continue to ramp up.
The company noted that growth in transaction processing volume and revenue is accelerating as more processors and merchants go live on the MyECheck system.
Furthermore, management expects this trend to continue and is expanding its processing capacity and speed in anticipation of the transaction processing volume in the pipeline.
Ed Starrs, CEO of MyECheck, commented, "We reached a major milestone this quarter by processing almost $30 million dollars for the three month period ending September 30th, 2008, as compared to $22 million for the first two quarters of 2008. Our software is proving itself as we continue to increase output for our clients and their customers."
Mr. Starrs continued, "We added a number of new clients during the Third Quarter, and are now starting to capitalize on results as they go live on our software. We expect to see more positive results from existing clients during the next quarter, and our sales team continues to build our MyECheck brand across a number of industries and businesses."
About MyECheck
MyECheck Inc. is a leading provider of comprehensive alternative payment solutions to credit cards for brick & mortar, internet, and intranet commerce. MyECheck utilizes a proprietary method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and convenient payments. As the leader in Check 21 solutions and check image processing for online merchants, MyECheck's patented RCC solution provides merchants with financial access to more consumers than any other single payment method, allowing the fastest, safest and most convenient way to process electronic payments from customers.
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.
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