MyECheck Reports 2013 Annual Results
Mar 31, 2014
OTC Disclosure & News Service
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MyECheck Reports 2013 Annual Results
Electronic Payment Processor Posts Operating Profit Ramps Up Licensing Fees
EL DORADO HILLS, CA--(Marketwired - Mar 31, 2014) - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced financial results and issues its annual report for 2013.
For the twelve months ended December 31, 2013, net profit was $1,018,693 with revenue from operations at $439,233. Total liabilities were reduced by $718,365.
For the 3 months ended December 31, 2013 (Q4), net profit was $465,083 with revenue from operations at $361,402 and total liabilities were reduced by $168,239.
Most of the revenue was derived from licensing activities that will result in increased transaction fee revenue in the future.
"2013 was the year we re-started growing our company with a new and very effective business model," said Ed Starrs, MyECheck's CEO. "We were also able to develop the products and systems we need for future growth. System licensing is proving to be successful and the new mobile products we are licensing are expected to drive rapid adoption of users on our system," he added. "We expect revenue to grow exponentially throughout 2014."
MyECheck derives revenue from transaction fees collected for data processing, for check authorization and fraud mitigation services, and from technology, software and patent licensing fees.
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