MyECheck Inc (OTCMKTS:MYEC) Remains Quiet

Shares of MyECheck Inc (OTCMKTS:MYEC) consolidated between one cent and two cents in 2015. In 2016, shares have plunged below the penny mark as investors await an update on many of the items the company said it was working on. MYEC was once a press release printing machine and driven by endless promotion. However, the company has been quiet and put out very little news. This has lead many to ask what's next for the company.The latest word from the company was an 8-K filing that MYEC had entered into a licensing agreement with Centric Gateway Limited. The agreement allows Centric to market and distribute Company's proprietary payments processing technology throughout the continent of Africa for five years. This is good news, however, the confusing part was that MYEC asked that it be permitted to redact certain portions of the License Agreement. It was also confusing that MYEC did not issue a press release announcing this deal. Obviously, something is amiss and this is not quite passing the smell test.The last press release from the company came in January. MYEC announced that it had "entered into an agreement with General Payment Systems, Inc. (OTC PINK:GPSI), a payment processing technology company that specializes in the $500 billion government payment space.: Notice that it highlighted $500 billion government space rather than saying that GPSI is a penny stock trading little to no volume. This is about as deceptive a press release as one can write.What's frustrating for investors is that MYEC has a great story. MyECheck provides fully electronic, real-time billing and payment software and 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. MyECheck 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 new technology brings access to basic financial services to hundreds of millions of people.

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

The company was the winner of the 2015 PYMNTS Award for Best Check Innovation. MyECheck operates under license to US Patent 7,389,913, "Method and Apparatus for Online Check Processing" granted June 2008. This patented new payment method is described as "the fastest, safest and lowest cost method of processing payments and moving money in the US."However, like many penny stocks, 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.MYEC 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. If MYEC can conclude this litigation to its advantage, it will go a long way to helping MYEC shareholders.The final problem with MYEC has been CEO Ed Starrs. The iHub message board calls him a liar. He has been the target of short sellers who have labeled him as dishonest. It's been said that "MYEC does not own the patent. The patent is licensed from Ed Starrs, who is also the CEO of MYEC." We believe this is correct as MYEC says it "operates" under the patent and doesn't "own" it.Shares of MYEC are currently consolidating waiting for some news from the company. The company does have a loyal shareholder base and if the company can deliver, shares could easily pop. We will be updating Insider Financial as soon as we know more. For continuing coverage on MYEC and our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in MYEC and have not been compensated for this article.