Translation of Ed's post.
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.
Translation. Myec's mobile platform never worked.
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 burdon.
Translation. Myec is broke
Bruce Smith and Rod Zalunardo are no longer with the Company
Translation. They couldn't make it work just as Ed couldn't.
we will use an outsourced CFO service until a new CFO is appointed.
Translation. They were fired, not replaced. Also, Myec is still broke.
Our expenses have dropped dramatically as a result, along with our cash flow requirements
Translation. WE ARE BROKE
Our focus now is launching the GreenPay app in the next weeks, along with activating our customers and preparing for the MyECheck app release.
Translation. Move on, nothing to see
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.
Translation. Failed to stay as a non money transmitter as described at the AGM because of strict regulation that comes with it.
Have a great weekend! Ed
Translation. Suckers!
We have some new bank relationships, we should be able to make announcements regarding these relationships very soon.
Also, we were informed by VX Gateway late this week that their bank had completed their due diligence and we could start integrating, they confirmed they still expect to process large volume on our system.
Translation. Copy and pasted from a previous posting last summer after a missed deadline and delay on app release.
