Here is the release. I found it on Yahoo.
OURCE: ChequeMARK
ChequeMARK Enters Into an Agreement With
the National Electronic Clearing House Association
JACKSONVILLE, Fla., Nov. 6 /PRNewswire/ -- LML Payment Systems Inc. (the ''Company'') (Nasdaq: LMLAF -
news) today announced that its subsidiary ChequeMARK Inc. has entered into a marketing rights agreement with the
National Electronic Clearing House Association (NECHA), an association of businesses and merchants that transfer
funds electronically through the Automated Clearing House Network (ACH). Based in Newport Beach, CA, NECHA
provides a portfolio of products and services that enable member clients to process funds with greater efficiencies.
With an association base of over 1,000 businesses and merchants, NECHA has a ready-made clientele which can
immediately begin benefiting from ChequeMARK's patented point-of-sale electronic check processing system.
NECHA, which prides itself on providing the most cost-effective methods of moving money for its clients, has
affiliations who, in some cases, are projected to process in excess of $400,000,000 in checks during 1999.
NECHA is a member of the National Automated Clearing House Association (NACHA) and, as an active member of
the Electronic Check Council sponsored by NACHA, has been selected to test pilot electronic check truncation of U.S.
utility companies' monthly remittance payments.
Richard M. Cowan, President of NECHA, says: ''The ChequeMARK checkwriting point-of-sale system fits perfectly
with the studies and pilot program we are currently conducting at NACHA on check truncation within the remittance
processing environment.'' Mr. Cowan further states that: ''This is the most significant progress in the handling of checks
that we have seen in decades.''
The Company owns U.S. Patent No. 5,484,988 with specific regard to a ''checkwriting point-of-sale system'' and
operates the ChequeMARK System, a central database and authorization system administering various consumer
payment services, collectively referred to as ''Electronic Checking''.
SOURCE: ChequeMARK
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