MyECheck and Seergate Update:
Due to the impending acquisition of Seergate, we have some overlap of technologies. We are adopting the Seergate platform instead of the mobile platform we had built, it is much more feature rich, refined and tested. With the new system comes two new developers who are the creators of the Seergate platform. We have already integrated the Seergate platform with the MyECheck check engine.
To offset these costs, and because of the technology overlap, we have released from Employment a total of 5 MyECheck developers, plus two executives, we have reduced the salary of another Executive and I have forfeited my salary for 2015.
We intend to retain a couple of the old MyECheck developers on an independent contractor per task basis rather than pay additional employee burden.
Bruce Smith and Rod Zalunardo are no longer with the Company, there are no disagreements between the parties. We have appointed a new President of GreenPay but we are awaiting formal board approval before we publicly name the person.
Christine was promoted to Finance Manager and has more accounting responsibility, we will use an outsourced CFO service until a new CFO is appointed.
Our expenses have dropped dramatically as a result, along with our cash flow requirements. Our focus now is launching the GreenPay app in the next weeks, along with activating our customers and preparing for the MyECheck app release.
We have also decided to get money transmitter licenses for each state, and register with the Federal Government as a Money Transmitter. This will enable us to offer a broader range of services, the cost is relatively low, but it will take time to register in each state. We our hiring a specialist law firm to do it all for us.
Have a great weekend! Ed
