$MYEC Completes Acquisition and Integration of Seergate

MyECheck, Inc. (OTC PINK: MYEC), the leader in electronic check solutions for online and mobile payments, announced today that it has closed the acquisition of Seergate Ltd, developer of a cloud platform for billing and payments. MyECheck, Inc. has acquired 100% of the stock of Seergate, in exchange for 150,000,000 shares of MyECheck common stock representing approximately 3.6% of the total issued and outstanding stock of MyECheck. The Seergate system has been integrated with the MyECheck payment systems adding multiple revolutionary new international payment and banking related capabilities to MyECheck’s payment platform.

Seergate Ltd., founded in 2007, is an Israeli corporation with offices in Roswell, GA. The company developed a new omni-channel payment platform targeting small business, electronic commerce and personal money movement. The Seergate payments platform is a robust and proven solution that ran in production with 4 banks in the USA in collaboration with a banking core processor. Seergate has assets including intellectual property, software, patents, and an established sales channel.

The Seergate platform adds to MyeCheck global electronic banking and payment capabilities, including:

Virtual bank accounts with sub-account creation and management;
Point-of-sale, internet, mobile, ATM, social network and other commerce systems;
Automated billing, invoicing and payments for business;
Refunds, payouts and bank account push transactions;
Multiple layers of authentication and fraud controls;

The acquisition of the Seergate platform enables MyECheck to operate a closed loop payment system independent of third party software platforms. MyECheck enables highly secure transactions of any size, from $0.01 to over $10,000,000, they process in real time, and cost $0.25 or less per transaction to the recipient and are free for the payer.

Eldad Aharoni, Co-founder and Chief Executive Officer for Seergate Ltd. commented: “We are thrilled to join the MyECheck team. As a result of this acquisition MyECheck will be able to bring additional value and innovation to all merchants, enabling them to transact anywhere in the cloud and/or in person with a one stop shop. The strength of the combined companies and unique business model enables MyECheck to offer revolutionary services to customers as we leverage our joint industry expertise and vision.”

Eldad Aharoni and two software developers will continue as employees of MyECheck, Inc.

About MyECheck: Winner of the 2015 PYMNTS Award for Best Check Innovation, MyECheck Inc. is a leading electronic payment technology developer, licensor and payment services provider. MyECheck operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008. This patented payment method is the fastest, most secure and most cost effective method of processing payments in the US. MyECheck provides comprehensive payment solutions for all payment applications including mobile payments and the industry’s most advanced security and fraud control technologies. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. For more information, contact sales@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.