MyECheck Inc. Completes Merger Agreement
Check 21 Processor Now Fully Reporting Entity
Sacramento, CA, February 7, 2008// MyECheck Inc., (NASD OTCBB: MYEC ), a leading provider of comprehensive viable alternative payment solutions announced that is has completed its merger agreement with publicly traded Sekoya Holdings, Inc.,
MyECheck entered into a merger agreement with Sekoya Holdings, Inc., a Nevada corporation in November 2007, amended in January 2008.
Shareholders of Sekoya prior to the merger own approximately 40% of the shares of the surviving company and shareholders of MyECheck own approximately 60% of the surviving company, with all parties being diluted by additional financing to be completely following the Merger (excluding 2,000,000 shares to be held in escrow as remedies for breaches of the Merger Agreement).
All of the management and directors remain with the new company, which is called MyECheck Inc. and is incorporated in Nevada.
MyECheck, Inc. is an early stage company engaged in the payment processing industry; specifically MyECheck provides electronic check image (”e-check“) services to merchants, payment services providers, banks and other businesses. MyECheck 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 has commenced formal business operations and is generating revenue.
Revenue is generated from transaction fees charged to companies that contract with MyECheck to utilize the Companies services. MyECheck has experienced month over month revenue growth the past 4 months and Company Management believes that it will be possible for MyECheck to be operating cash flow positive within the second calendar quarter of 2008. As of February 2008, MyECheck had secured an initial group of merchant contracts and was working to close additional pending agreements.
A copy of the filing agreements may be found at www.myecheckcorporate.com
