SOURCE: MyECheck Inc.
June 09, 2008 06:30 ET
MyECheck Inc. Announces Over 100% Growth in Revenues in First Two Months of Second Quarter 2008
Electronic Transaction Processor Also Posts April to May Revenue Growth at Over 60%
SACRAMENTO, CA--(Marketwire - June 9, 2008) - MyECheck Inc. (OTCBB: MYEC), an electronic
transaction processor and provider of alternative payment solutions, is
pleased to announce, that in the first two months of the second quarter of
2008, unaudited revenues have exceeded the first quarter of 2008 by over
100%.
Furthermore, the company's unaudited revenues have increased by over 60%
for the period May 2008 compared to April 2008.
The company noted that while there has been an economic downturn of late,
the numbers would seem to point to a turn-around when it comes to online
retailing. According to a recent report by eMarketer, "although consumers
are reacting to the economic downturn by spending less, this will create
more of a hardship for retail stores than for online retail outlets."
eMarketer estimates that US retail e-commerce sales (excluding travel) will
reach $146 billion in 2008, up 14.3% over 2007.
And, according to Barrington Research, the 16-Stock group of
electronic-transaction processors recorded its second consecutive month of
positive price performance with a mean return of 4.47%. Twelve of the 16
stocks registered positive returns for the month, ranging from 2.8% for
Western Union to 18.9% for Cardtronics. Besides Cardtronics, leading price
performers for the month included Heartland Payments at 17.9%, Global Cash
at 15.7% and Fidelity National 11.7%. The mean group return of 4.47% in
May was greater than both the S&P 500 Index and the Dow Jones Industrial
Average at 1% and minus-1.4%, respectively.
Ed Starrs, CEO of MyECheck, commented, "Our growth in this period is
unprecedented for the company, and we expect that we will continue to
increase our revenues as more of our customers are added."
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.
MyECheck also wishes to caution readers that any forward looking statements
are just beliefs or predictions, and that actual results might differ
materially from those projected in any or all of the forward-looking
statements. Further, past financial business, operations and stock
performance are not necessarily indicative of the company's future
performance.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of
alternative payment solutions to credit cards for brick & mortar, internet,
intranet and mobile commerce. MyECheck utilizes a proprietary method of
creating and clearing remotely created checks (RCCs) for exceedingly fast,
secure and convenient payments. As the leader in Check 21 solutions and
check image processing for online merchants, MyECheck's patent pending RCC
solution provides merchants with financial access to more consumers than
any other single payment method.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to the "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 Securities and Exchange Commission.