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MyECheck Inc (OTCMKTS:MYEC) Looking To Bounce

MyECheck Inc (OTCMKTS:MYEC) Looking To Bounce
Written by
Alex Carlson
Published on
January 12, 2016
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MyECheck Inc (OTCMKTS:MYEC) has been one of the most active and talked about names on the OTC markets. MyECheck provides fully electronic, real-time billing and payment solutions that enable higher speed, more secure and lower cost financial transactions for people and business.

MyECheck also provides customized electronic banking and payment platforms for banks. Its solutions enable real time funds transfers on mobile devices via email, text, Facebook and other social medial apps, MS Outlook app, ATMs, and mobile apps.

In addition to the US market, MyECheck is currently pursuing opportunities in Africa and other emerging international markets. MyECheck is uniquely positioned with a cloud based banking and payment platform along with development, sales and implementation resources in place to capture market share in Africa, as its fully electronic cloud based technology can bring access to basic financial services to hundreds of millions of people.

MyECheck recently launched eMobile Pay in the US, a new mobile commerce platform. eMobile allows businesses to send bills electronically and accept real-time guaranteed payments for only $0.25 per transaction with no hardware or other costs.

MyECheck operates under license to US Patent 7,389,913, "Method and Apparatus for Online Check Processing" granted June 2008. MYEC claims that this patented new payment method is the fastest, safest and lowest cost method of processing payments and moving money 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. MYEC won the 2015 PYMNTS Award for Best Check Innovation.While the company's technology and business model is unique, the biggest problem facing the company has been a series of toxic financings. These share conversions have been weighing on the share price and why were are trading at 52 week lows and looking for a bounce. Millions of these discounted shares have recently been hitting the market and that has hurt the stock.In the interim, what can lift the stock is an update on MYEC's Africa business. We are still waiting on a press release with an update on its business in Africa. There is huge potential here and this is the reason many shareholders have invested in MYEC in the first place. A shareholder update will go a long way to helping shares recover. It is here where the company needs to deliver.MYEC also is in litigation in an attempt to recover 1.44 billion shares. A Motion for Default Judgment against Sweetsun Intertrade, Inc. was filed as ordered. The Company attorney also filed a Motion in Support of Default Judgment requesting cancellation of shares, $16 Million in Actual Damages and $16 Million in Punitive Damages. A Motion Hearing has been set for February 17. If MYEC can conclude this litigation to its advantage, it will go a long way to helping MYEC shareholders.Where MYEC can really turn things around is if MYEC licenses its patented mobile payment apps. We think these types of deals could really benefit the company. MYEC could also look to partner with other payment providers to expand its technology and revenue stream. In the last six months, MYEC has started doing this, but we feel they need to do more. The company has recently signed agreements with TradeRocket, Charleston Enterprises, and PacNet Services in the last six months.

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MYEC has been quiet as of late and there's been really no news on the company since September. Uplisting to OTCQB does not count in our opinion. We are eagerly awaiting an update on Africa and new developments going on over at MYEC. Be sure to sign up for our alerts as we will be updating our subscribers as soon as we know the latest on MYEC.

Disclosure: We have no position in MYEC either long or short. We have not been compensated for this article.

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