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Company CEO Retires 1/3 of Personal Holdings and 20% of Total Authorized Shares
EL DORADO HILLS, CA--(Marketwired - Feb 13, 2014) - MyECheck, Inc. (OTC Pink: MYEC), a provider of payment data processing services, announced today that it will retire 1,000,000,000 shares of its common stock after a share buy back at par value from the largest shareholder and Company Founder & CEO, Edward Starrs. The total compensation for the buy back was $10,000, which is the sum of 1,000,000,000 shares at the par value of $0.00001.
The MyECheck Board of Directors has approved the retirement of the one billion shares, which reduces the total number of issued and outstanding shares by the same number.
MyECheck Board of Directors also authorized enhanced voting rights for Preferred Series A Stock. Currently, Mr. Starrs is the only holder of Series A Preferred Stock and holds one share. The enhanced rights are intended to help maintain Mr. Starrs voting control over the Company at this critical stage in the Company's growth.
About MyECheck
MyECheck Inc. is a leading electronic transaction data processor and that provides an alternative payment solution to paper checks, cards or ACH payments. MyECheck utilizes a patented method of clearing check data for exceedingly fast, secure and cost effective payments. As the leader in Check 21 solutions and check image processing for online and mobile transaction, MyECheck provides merchants with financial access to more customers and faster funds clearing than any other payment method.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to "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 SEC.
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