MyECheck Inc. Announces $2 Million Financing to Fund Growth
Further $12 Million Financing Agreement in Place for Check 21 Payment Processor
SACRAMENTO, CA--(Marketwire - February 5, 2008) - MyECheck Inc., a leading provider of comprehensive viable alternative payment solutions, announced that is has signed agreements with Anshan Finance and Youngal Group for $2 Million in equity financing. The Subscription Agreements allow for an additional financing of $12 Million upon the execution of stock warrants.
The funds will be used to further grow MyECheck through VARs and direct channels, and to expand infrastructure to support the growth.
MyECheck launched V2 of its remotely created check (RCC) image solution in 2007 and is now positioned to capture market share in the rapidly growing alternative payments industry.
MyECheck was created to satisfy the demand for an alternative payment solution to credit and debit cards for online commerce. The Company uses a proprietary method of creating and clearing Remotely Created Check ("RCC") images on behalf of its e-commerce customers, which enables companies to accept real-time check payments from consumers and businesses online or over a telephone.
MyECheck provides additional services to support its RCC service, including fraud loss prevention services. The Company also provides check remittance processing and remote deposit capture ("RDC") services for brick and mortar companies, banks and retailers.
The Company was founded and incorporated in Delaware in October 2004 to capitalize on opportunities created by the passing of The Check Clearing for the 21st Century Act ("Check 21"). MyECheck takes full advantage of Check 21, and has created the world's first Check 21 solution for online merchants.
Ed Starrs, CEO of MyECheck, stated, "We have made significant progress over the past months, and have added new clients and VAR partners. The addition of financing to our company ensures that we will be able to meet our commitments to all of our customers as our products gain wide-spread acceptance and popularity. And completion of this funding will allow the company to hire more business development employees as we roll out our sales and marketing plans for 2008."
About MyECheck
MyECheck Inc. is a leading provider of viable alternative payment solutions to credit cards for brick and mortar, internet and mobile commerce. MyECheck utilizes a proprietary method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and convenient payments. MyECheck's patent pending RCC solution provides online merchants with financial access to more consumers than any other payment method. As a leader in Check 21 solutions and check image processing for online merchants, MyECheck offers the fastest, safest and most cost effective way to collect payments from customers.
Please visit www.MyECheck.com
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 periodic reports filed with the Securities and Exchange Commission.
Investor Relations:
Brent O'Connor
647-401-5374
www.myecheckcorporate.com
