In the news release, “MyECheck Inc. Announces $2 Million Financing to Fund Growth,” issued earlier today by MyECheck Inc., we are advised by the company that the second sentence of the first paragraph should read “The Subscription Agreements allow for an additional financing of $12 Million upon the execution of stock warrants.” rather than “The Subscription Agreements allow for an additional financing of $8 Million upon the execution of stock warrants.” as originally issued. Complete corrected text follows.
MyECheck Inc. Announces $2 Million Financing to Fund Growth.
Further $12 Million Financing Agreement in Place for Check 21 Payment Processor
SACRAMENTO, CA — February 5, 2008 — MyECheck Inc., a leading provider of comprehensive viable alternative payment solutions, announced that it 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.”
