FOLSOM, CA — (Marketwired) — 07/16/15 — MyECheck, Inc. (OTC PINK: MYEC), the leader in electronic check solutions for online and mobile payments, announced today that it has entered into a debt exchange agreement with TCA Fund Management Group (“TCA”) that will assign the debt to a private investment group. On October 30, 2014, MyECheck reported that it had secured a line of credit with TCA, and had drawn a $550,000 loan from the credit line.
MyECheck management stated the terms of the new financing are preferred over the TCA debt that was due to be repaid on July 29, 2015. The new financing is a loan that bears interest at a rate of 10 percent per annum. The Company, at its option, has the right to repay the loan in full at any time prior to the maturity date, and will attempt to repay the loan from revenue expected to be generated in the third and fourth quarters of this year.
The Company recently announced that it has uploaded its e Mobile(SM) Commerce app to Google and iTunes stores. The apps are is currently in an expanding live test phase as the Company optimizes the app for Android and Apple mobile devices.
MyECheck–s innovative e Mobile Commerce System enables businesses to accept real-time, guaranteed payments from their customers via mobile devices. Merchants pay only $0.25 per transaction or less with no other fees, no interchange or discount rates, saving businesses two to five percent of sales in payment processing and related costs. The e Rewards program allows merchants to offer discounts to their customers to adopt and use the system, and build customer loyalty.
The e Mobile system allows consumers to purchase online, or at a retail store, over their mobile device without cards or cash. The e Mobile commerce platform is software only, and can be adopted by simply downloading the app and registering, with no special hardware requirements or costs. It works with all Apple and Android devices.
The e Mobile business app generates QR (quick response) code invoices that can be displayed on a screen or printed on a bill. The customer simply scans the QR code with their device and authorizes payment from their e Wallet. Customers load funds onto their e Wallet from their bank account using MyECheck–s patented Electronic Check method.
Winner of the 2015 PYMNTS Award for Best Check Innovation, MyECheck Inc. is a leading electronic payment technology developer, licensor and payment services provider. MyECheck operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008. This patented payment method is the fastest, most secure and most cost effective method of processing payments in the US. MyECheck provides comprehensive payment solutions for all payment applications including mobile payments and the industry–s most advanced security and fraud control technologies. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. For more information, contact
Forward-looking statements in this release are made pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.
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MyECheck, Inc.
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