MyEcheck Inc (OTCMKTS:MYEC) Tries to Recover
After ending its positive streak on Thursday with an 11% drop, on Friday MyEcheck Inc (OTCMKTS:MYEC) managed to gain some of it back. The stock recovered 2.29%, while 11.9 million shares changed hands, and it is currently sitting at $0.0358.
The most recent news on MYEC comes from a PR issued on Oct 17, which is the most likely reason behind the positive session. The release disclosed that the company has entered into an agreement with “national coffee vendor” by the name of Dad’s Roast Custom Coffee. According to the PR, MYEC will provide the vendor with its electronic check services, and if Ed Starrs, MYEC‘s CEO, is to be trusted, the company has already racked up quite the experience – “To date, we’ve processed more than 10 million fully electronic checks with not one fraud complaint or refund”.
The previous press release from Oct 13, disclosed that MYEC has filed a lawsuit against Zipmark, Inc., and Jay Bhattacharya, seeking damages and injunctions for “Breach of Contract and Patent Infringement”. We shall have to wait and see whether MYEC‘s latest PR will affect the stock in the same manner the previous one did, and cause another green streak.
A potential setback for MYEC‘s climb could turn out to be their broken promises and delays.
In the Disclosure Statement of the company’s latest quarterly report, MYEC announced that their MJ – Pay App has launched in “mid-2014”, even though it didn’t and was nowhere to be found. As it later turned out, the hold-up was due to “a service partner delay” and the launch was postponed to “January 2015”.
The latest delay occurred with MYEC‘s long-awaited Form 10. The company first announced its plans to become SEC reporting in Aug 13 through a PR, but the Form 10 was never filed. Now, in a PR from Oct 01, MYEC discloses the same plans, and the Form 10 was supposed to be filed already. However, it is still missing.
Do your own due diligence before deciding whether or not to make an investment in MYEC, or in any other company.
