Dear Investors,
We continue to be proud of our accomplishments and our growth in revenues during this economic downturn, and are maintaining double digit growth on a quarter to quarter basis.
MyECheck has recently announced that it 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 large clients including Regal Entertainment (NYSE RGC), APL and The Small Business Network with over 175,000 members signed.
We also expect that the California State Teachers Retirement Fund (CalSTRS), Simon Property Group, Regal Entertainment and Simplifile to start revenue generation for the company in the third quarter as we roll out with their launches.
In industry news, last month we learned that in the first quarter of 2009, credit card delinquencies hit a record highof 6.5%, while charge-offs reached 7.5%, a near-record high, according to the Federal Reserve while banks are closing a record number of credit card accounts. Indeed, in a development apparently never seen before, same-store sales on Visa and MasterCard for B & M merchants fell fully 4.9% in the January through May period, according to research released by First Annapolis Consulting.
For retailers, both online and offline, this means that there is an opportunity to re-build sales utilizing MyECheck's payment methods that debit bank accounts directly.
Unlike other alternative payment providers that only operate in the approximately $100 billion e-commerce space, MyECheck operates in the $44 trillion check industry, offering services with benefits for all businesses and entities that accept payments. In fact, MyECheck provides services where no other payment option is viable, such as large value transactions, micro-payments, business to business, consumer to government and government to government in addition to consumer to business transactions
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. Please call us at (916) 939-3241 or sales@myecheck.com for a demo today.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of alternative payment solutions to credit cards for brick & mortar, internet, and mobile commerce. MyECheck utilizes a patented method of creating and clearing remotely created checks (RCCs) 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.
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.
|
