$myec 18 COUNTRIES IN AFRICA WILL USE MYECHECK PRODUCTS TO LAUNCH IN JUNE
THANKS TO CHRIS HEINZ FROM FACE BOOK FOR THIS SUMMARY
My notes on the conference call for anyone that is interested and unable to listen to the call later on YouTube:
MyECheck Investor Conference Call: June 5, 2015
Host: Ed Starrs
• 12 month revenue projection from new bank deal… can’t disclose but it will be very large… will launch in June.
• Q2 revenue projection… similar to Q1
• Q3 revenue projection should be substantially better
• Marketing strategy targeted at 5 market segments: Micro-business (like a local gardener), small business (through re-sellers called ISO’s and banks), big businesses, and government are being marketed directly by MYEC.
• Have you talked to Bill Gates? No
• VX Gateway…not sure what is happening…not sure that relationship is viable anymore.
• Sionic will go live in July and gas pumps will go live in August.
• Barclays is not the international bank MYEC is working with. Can’t disclose who the bank is yet.
• Ed will have a firm date for apps to upload to Apple and Google by early next week
• Ed should have other firm dates for other client launches very soon.
• Cardinal Commerce… the relationship is still alive. We will work with their sales team and they will be a re-seller.
• Qualix… waiting to coordinate with bank.
• MJ Pay… we will be uploading apps shortly after MYEC apps. We don’t have a contracted bank for MJ Pay app and we need one in place in order to launch. Once it is operational, it will be spun off as a whole new company with a new valuation.
• Is MYEC involved with the Avidia Bank app? Ed isn’t sure but thinks we probably are. The relationship is new and evolving. If they announce a new payment product it will likely be MYEC.
• Why did Seergate allow MYEC to acquire them. Seergate didn’t have the Africa deal before the acquisition. Seergate was somewhat “dead in the water”. MYEC was able to move the Africa deal past “first base” after acquiring.
• Ed will be in Africa in a few week right around the time of the launch.
• Ed can’t mention which countries we are working with in Africa… it is not South Africa. Bank partner will launch with 18 countries in Africa.
• P2P transfers are more susceptible to money laundering so they require transmitter licenses. The product we are launching will be a consumer to business product. The mobile commerce system will launch in three stages… first stage is: load wallet and transfer payments from bank to merchant, merchant can provide a discount to drive consumers to use the app. We will offer P2P version in the future.
• Sold license and delivering the product to Itonis within about 30 days. Itonis believes they have a bank lined up but it is a little up in the air. The app is ready when the bank is in place.
• Form 10 application was filed. We closed on Seergate and thought Seergate financials were sufficient for SEC. The SEC advised that Seergate’s financials needed to be fully compliant and we simply weren’t able to get it done in time for SEC to review before June 6. We are now getting financials audited and will refile and expect it to sale through. SEC said everything else is in order. It is going to happen. It is a big deal for us but it isn’t the most important thing we are working on…like rolling out the mobile commerce solutions.
• No longer working with Bruce Smith and upgraded our SEC counsel.
• The fraudulent shares has either already been sold into the market (Scottsdale) or they are being held by the US Federal Government in Belize. We should get a default judgement against the fraudulent company on the Belize government “held” shares. Scottsdale filed a motion to dismiss and failed. We should win the Scottsdale lawsuit.
• We are operating at just shy of cash-flow positive and should be positive by next month.
• Volume from existing customers is not huge. We are a “development stage company” and we are focused on development of future product and less on current revenue. Product has taken longer than we expected. This doesn’t change anything other than it is taking longer. Nothing bad has happened. In fact much more positive things have happened as a result of delays. Africa and downloadable merchant point of sale are the two most exciting objectives right now.
• When will we see a dramatic turnaround with the company… latter half of June! We are doing a controlled launch in Africa to manage risk. We have integrated into the bank’s core. As we get more experience in Africa, we will apply learnings to future roll out with U.S. banks
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