EL DORADO HILLS, CAviaeTeligis--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 sharebuy backat par value from the largest shareholder and Company Founder & CEO, EdwardStarrs. The total compensation for thebuy backwas $10,000, which is the sum of 1,000,000,000 shares at the par value of $0.00001.
TheMyECheckBoard 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.
MyECheckBoard of Directors also authorized enhanced voting rights for Preferred SeriesAStock. Currently, Mr.Starrsis the only holder of SeriesAPreferred Stock and holds one share. The enhanced rights are intended to help maintain Mr.Starrsvoting control over the Company at this critical stage in the Company's growth.
MyECheckInc. is a leading electronic transaction data processor and that provides an alternative payment solution to paper checks, cards or ACH payments.MyECheckutilizes 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,MyECheckprovides 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.