Itonis has entered into a licensing agreement with MyECheck and has begun to market a new electronic payment method to the Marijuana Dispensary Market. The MyEcheck mobile app replaces cash, paper checks, credit & debit cards, and ACH "e-check" forms of payment through the use of a new electronic check.
Due to existing banking limitations, marijuana dispensaries are conducting all their financial transactions strictly on a "cash only" basis. The use of the application allows consumers and dispensaries the security and convenience of a non-cash sales transaction.
This alternative method of payment is the first and only payment service with a solution targeting the Medical Marijuana industry in Southern California, and it will allow the company to profit from sales transaction revenues.
Itonis, Inc. Signs App License Agreement With MyECheck, Inc. for Medical Marijuana Point of Purchase App LAGUNA HILLS, CA--(Marketwired - Mar 28, 2014) - Itonis, Inc. (PINKSHEETS: ITNS) today announced that it has signed a Licensing Agreement with MyECheck, Inc. for Itonis to acquire a software license for MyECheck's patented mobile payment app that will facilitate point of purchase transactions for medical marijuana, gambling, and general retail sales. There is no expiration date on that license.
MyECheck (PINKSHEETS: MYEC) today also released its news regarding our license agreement.
The license agreement calls for Itonis to pay a one-time licensing fee to MyECheck as well as a portion of the per-transaction fees collected at the point of sale.
"This venture should be a win-win for the shareholders of both companies. Our management team believes that a robust marketing of the license should retire the licensing fee financing in a relatively short business cycle," says Mark Cheung, the Company's CEO
About MyECheckMyECheck Inc. is a leading electronic payment technology developer providing a new electronic payment method that is replacing cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck operates under license to US Patent 7,389,913, "Method and Apparatus for Online Check Processing" granted June 2008. The patented new fully electronic real-time payment method is the fastest, most secure and most cost effective method of processing payments in the US, and it works with the most people, businesses and entities. MyECheck provides comprehensive payment systems 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.
Please visit http://www.myecheck.com for additional information
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