MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it operated at a profit in both the months of May and June, 2009. Revenue in the second quarter 2009 was approximately 38% higher than in the first quarter 2009, and approximately 110% higher than the second quarter 2008.
Management notes that revenue in the second quarter does not yet reflect most of the larger clients signed in the past several months that are expected to start generating revenue for the company in the third quarter of 2009.
California State Teachers Retirement Fund (CalSTRS), Simon Property Group, Regal Entertainment and Simplifile are expected to start revenue generation for the company in the third quarter.
Additionally, the company states that it has a significant number of large revenue potential accounts in the sales pipeline that it believes will close and will add additional significant revenue before the end of the year.
Edward Starrs, CEO of MyECheck, commented, “We have reached a very important milestone in the evolution of our company whereby we are now operating at a profit. Because of our low overhead and extraordinary economies of scale, we believe that we will continue to be increasingly profitable well into the foreseeable future.”
Mr. Starrs added, “Unlike other alternative payment providers that only operate in the approximately $100 billion e-commerce space, MyECheck operates in the $44 trillion check industry, offering services with benefits for all businesses and entities that accept payments. In fact, MyECheck provides services where no other payment option is viable, such as large value transactions, micro-payments, business to business, consumer to government and government to government in addition to consumer to business transactions.”
The company notes that the numbers contained in this release are unaudited, and are made in good faith and based on all the financial information available to the company today. Further, past financial business, operations and stock performance are not necessarily indicative of the company’s future performance. Full second quarter financial results with be filed with the SEC prior to the deadline of August 15.
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