MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its Year End 2008 financial results for the period of January 1, 2008 to December 31, 2008. Revenues recorded for the twelve months ending December 31, 2008 were $548,159 compared to $46,051 for the same period in 2007; an increase of over 1000%.
The Company processed over $90 million for the twelve months ending December 31, 2008 compared to $4 million for the same period in 2007; an increase of over 2000%.The Company recorded revenues of $222,267 for the Fourth Quarter as compared to $156,174 for the Third Quarter; an increase of 41% on a quarter-to-quarter comparison basis.
The Net Loss from Operations in 2008 was $1,003,376 compared to $710,469 for 2007, which the Company attributes to increased G & A as operations continue to ramp up. Notably, the company has seen growth of over 40% in each quarter to quarter period in 2008 and is building its infrastructure to meet the continuing demand.
The company noted that expansion in transaction processing volume and revenue is accelerating as more processors and merchants go live on the MyECheck system. This increased growth in clients should offset the increased expenses as the Company is now situated well to manage the growth.
Ed Starrs, CEO of MyECheck, commented, “We reached a major milestone this year by processing over $90 million. We added a number of new clients during the Fourth Quarter, and will start to capitalize on results as they go live in the coming months. We expect to see more positive results from existing clients during 2009, and our sales team will continue to build our MyECheck brand across a number of industries and businesses.”
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