In the company’s news Friday,
MyECheck announced that its revenue increased 65.9% from September 2008 to October 2008. Specifically, September revenues totaled $59,837.51, while October revenues reached $99,310.18.
According to the press release, the Company processed more than 394,000 transactions totaling over $17.87 million dollars for the period of October 2008. This is a significant increase from September as there were 236,253 transactions totaling $12.10 million dollars during the earlier month.
Another major accomplishment was the achievement of positive cash flow for the month of October. The company stated its scalability of operations and software allows them to grow substantially while maintaining low overhead costs.
Commenting on the positive numbers, CEO Edward Starrs stated, “We are extremely pleased to have reached positive monthly cash flow in our first year of operations on our new software platform. Online e-check acceptance is catching on with web retailers because they enjoy the added advantages of real-time check verification, decreased non-sufficient funds checks costs and not having to wait for mailed checks.”
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
