$myec more good news out. Below are my responses to the shareholder questions sent to me last week. I tried to answer all questions as comprehensively as possible, within reason, but let me know if you have follow up questions, thanks, Ed
Chris: We have so far recovered and cancelled 275,000,000 fraudulently issued shares from Seven Mile Securities. We continue to pursue the balance of around 260,000,0000 shares. Our legal representation in this case has changed to our new general counsel Elguindy Meyer & Koegel LLP, there are no other developments to report. Regarding publicly announced customers, we have previously addressed which customers went live and which ones didn’t and why, the only update is that we no longer process for PacNet due to fraud claims, and Simplifile continues to grow at a moderate pace. One of our top priorities is getting current on our filings. We are at the auditor review stage of our 2016 financials, once the auditor has completed review of each quarter, we will file each 10-Q with the OTC and SEC, then the 10-K audited annual report and whatever other reports are necessary to become current. Once current, we will need to maintain a share price of at least $0.01 for 30 days. We plan to be more engaged with investor awareness once we are current in our filings. 3 year plan is to maintain and grow the primary licensee customer relationships we are currently developing, and of course add new customers. We essentially offer only one product/service now, the “e” platform that is private label branded to licensees such as banks and resellers. So far this year we have refinanced $1,300,000 in debt with another transaction for around $300,000 imminently pending. This funding is much more shareholder friendly and will result in far less dilution, probably none. We will need additional funding to continue operations, fulfill our contracts, and grow revenue. I am currently in discussions with potential partners for funding currently seeking an additional $300,000 in equity or debt financing that will be used for growth rather than debt reduction.
Bret: We are working with UBA on the development and roll-out of EmailMoni across Africa. EmailMoni is UBAs service, the system is sub-licensed to UBA from our Africa licensee Centric Gateway. The system is live in Nigeria, we have recently added new features and functionality. We have been asked only to discuss publicly updates they have announced and we will honor that request. I do not think there is any impact on MEC in connection with UBA and Orange.
Chris: There are several competing services in Africa with more on the horizon. So far, there has been very little market penetration across Africa for any single system. Our solution has several competitive advantages over any other system I have seen, including the fact that established banks operate our system instead of start-ups and non-financial service providers. Our system is more fully electronic, real-time and more inclusive by access through more channels. The up-front cost for a bank to enter the market with our system is low, and now that our system is more evolved, we will be able to deliver a working system in a relatively short amount of time. ACH is a relevant competitor to the MyECheck system in the US because of system improvements to ACH, but MyECheck still has competitive advantages including regulatory framework, reputability/charge backs, security, amount of transaction data, access/reach and others. We believe opportunities for MEC with its current capabilities are best outside of the US market for many reasons, but mostly because the markets are under-served, larger and are less resistant to change.
Michael: I believe we are being infringed upon in the US. Yes, we are still relevant, particularly with respect to international opportunities. Competition has made gains in some areas, such as same day ACH in the US, and emerging mobile payment and banking platforms internationally. We have also made many technological gains and still offer industry leading, and unique, technology.
Andy: Pricing for each account is negotiable in order to close the deal. In hindsight, it might seem to have been better for us to charge more up-front on the first account since that is where most of our development costs have been. Subsequent accounts will cost us far less to implement since the platform is far more developed now. We also expect a higher percentage split on new accounts.
Randy: We have no plans for a reverse split, however if we deem it is in the best interest of the shareholders of the company to do a reverse split, for example to qualify for a large funding infusion combined with a market up-listing, then we would put it before shareholders for vote.
Andy: We have not lost any assets, the major asset on our balance sheet is our software and IP, valued on the 2015 annual report at around $3 million.
Jim: The US patent should be renewed now, we paid the fee and are just waiting for the record to update. We have not yet applied for any international patents.
1) How many banks have we started in total? Two
2) Where does the relationship stand between MYEC and Zipmark? Zipmark is a licensee of MEC. Zipmark claims their volume is very low, they owe us royalties on any transactions processed using virtual checks. Due to their claim of extreme low volume we agreed to accept one annual payment, however they have yet to make any payment to us, or provide us with any reports, in accordance with the terms of the settlement and license agreement.
Did they ever start paying for our technology? No
Do you anticipate them renewing with MYEC after the current three year agreement expires? No
3) Are we still with simplifile? Yes
If so why hasn't MYEC not posted US usage numbers as they have in the past? I’m supposed to get reports monthly, have not been getting the data to report to you.
4) Will there be an AGM this year? I would like to have one, possibly toward the end of year based upon our financial condition
5) What is the status of the sale of Greenpay? GreenPay has not yet been sold, the transaction we were considering didn’t happen, we still plan to separate GreenPay but all options are back on the table, including shareholder spin-off. Unfortunately we need a bank relationship for GreenPay for it to be viable and as of yet we do not have one.
Has,the deal closed? No
What business priorities will the proceeds be used for? We would have reduced some debt and invested in development
6)What is the status of MEC Accounts payable for various professional fees( legal,accounting, auditing,etc)? We are behind on our bills, we believe we have a funding pending sufficient to get us caught up and provide some for growth.
7) Where does the infringement lawsuit stand with the Katz situation? The infringement suit with Zipmark was settled in court last year, we have no other infringement suits pending.
Do we have a new attorney and id the lawsuit proceeding? Our new general counsel in Joe Elguindy, and as mentioned the lawsuit was settled last year and Zipmark became a licensee of MEC,
8)Share reduction? How do you plan on addressing the O/S
We have no current plans to change the outstanding shares
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