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$myec A Message from the CEO! No more

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Taurus69   Sunday, 01/13/19 07:08:41 PM
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$myec A Message from the CEO! No more Facebook updates...just news releases, website communications.

Quick update: I hope everyone had a great holiday, we are looking forward to a big turn around in 2019!

We will moving away from Facebook as a primary channel for communication, and will use company press releases, website and other methods.

Financials: The accounting is up to date, it needs to be reviewed and audited.

Stock: We are cancelling a large number of shares that were fraudulently issued and were not authorized by the Board of Directors.

Restructuring: We are restructuring the equity of the company with a series of transactions. The restructure will allow the company to eliminate substantial debt, attract investment and senior management.

Legal: We are prevailing in all matters, trying to resolve all asap but not at the cost of compromising.

Sales: In addition to the Africa sales pipeline of banks, we are working with a US based payments company that operates in Latin America.

Revenue: Due to a number of unplanned reasons, roll-out at UBA has slowed in the past year, this has caused financial problems for us as we have relied on this account for revenue.

Management: We engaged a new senior officer in early November, with plans to replace the CEO in Q1. This is someone with extensive CEO experience with tech companies.

Re-listing on OTCQB: We will only re-list as a fully reporting company, we plan to register with the SEC when our Form 10 filing is complete that will include audited financial statements.

Investment: The company requires investment to continue operations. We are working with private investors and strategic partners raising $1.5 million.

Shareholder plan: I expect opening valuation on OTCQB to be several times higher than when we withdrew.

We are reducing the number of authorized shares and reverse splitting the stock, this is a net even transaction that does not dilute shareholder equity.

Factors affecting valuation will be:

Cancellation of fraudulent stock
Issuance of stock to resolve debt
Issuance of employee stock
Issuance of investor stock

The issuance of new stock does have a dilution effect, however, it is offset by two factors. The stock is being concentrated with the cancellation of fraudulent shares. A significant amount of debt is being repaid in stock instead of cash.

Specific details will come in a future press release. Please send comments to ed.starrs@myecheck.com

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