MyEcheck Inc (OTCMKTS:MYEC) Suffers the Effects of Broken Promises
After obliterating nearly 11% of its market price on Tuesday, yesterday MyEcheck Inc (OTCMKTS:MYEC) lost another 2.62% 8.3 million shares, and the stock is currently at $0.0335.
MYEC hasn’t issued any new press releases since last Friday, when it announced an agreement with Dad’s Roast Custom Coffee. The agreement with the “national coffee vendor” managed to provide MYEC with two positive sessions in a row, but now that the hype from the PR is wearing off, the stock is descending.
The same thing happened with MYEC‘s previous PR. It was issued on Oct 13 and disclosed that the company has filed a lawsuit against an entity Zipmark, Inc., and a man by the name of Jay Bhattacharya. The lawsuit was for damages and injunctions for “Breach of Contract and Patent Infringement” and it got MYEC three consecutive green closes.
An issue concerning MYEC, which we have already discussed in our previous articles is that the company tends to make promises it fails to keep.
One such promise has to do with MYEC‘s MJ – Pay App launch. The Disclosure Statement of the company’s latest quarterly stated that the app was available on Android Play and iTunes, since its launch in “mid-2014”. This was announced on Aug 14 – the file date of the report, and turned out to be a lie, as the app didn’t launch at all. Later on, on Sept 22, MYEC explained that due to “a service partner delay” the launch will be delayed and will occur in “January 2015”. Time will tell if the company will actually keep this promise.
Another announcement that MYEC failed to go through with is becoming SEC reporting. A PR from Aug 13 stated that MYEC is planning to file the necessary Form 10, which will turn MYEC from Alternative reporting to SEC reporting company. Then another one from Oct 1 restated their intentions, and yet there is still no Form 10.
It is always best to avoid making decisions based on hype. Do your own research and take into account all the risks associated with the company before putting any money on the line.