Mint Technology Corp.

Mint Technology Corp.

December 03, 2012 10:06 ET

Mint Announces 2012 Quarter 3 Financial Statements, Management Discussion & Analysis and Business Update

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2012) -


Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Corporation") is pleased to announce that it filed its 3rd Quarter ("Q3") Financial Statements, Q3 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q3 trading performance ended September 30, 2012 (the "Q3 Filings") on November 29, 2012.

Management provides the following highlights:

  • Revenue increased from $1,329,564 reported for the 4 months ended December 31, 2011 to $15,076,297 for the 3 months ended September 30, 2012 reflecting the first contribution of the ePAY acquisition announced on July 13, 2012.

  • Net Loss for the 3 months ended September 30, 2012 was ($795,968) compared to ($2,327,362) for the 3 months ended June 30, 2012 and ($5,800,673) reported for the 4 months ended December 31, 2011.

  • Cash provided from operating activities for the 3 months ended September 30, 2012 was a positive $597,573.

  • Total Assets increased from $11,503,496 at December 31, 2012 to $23,652,646 at September 30, 2012 and Total Liabilities increased from $18,222,795 at December 31, 2012 to $24,520,087 at September 30, 2012 and Shareholders' Equity improved from ($6,719,299) to ($867,411).

  • Mint Electronic Payment Systems ("MEPS"), the Corporation's mobile airtime top up subsidiary, is included in the Corporation's results from July 22, 2012. Revenue was derived from 1,211 active POS at September 30, 2012. A further 1,550 POS are being deployed to merchant locations during December 2012 bringing the total active number of POS as at December 31, 2012 to 2,761.

"Our first month on month sales performance for MEPS delivered growth in all metrics demonstrating that this business unit is well on track to deliver on its expectations as announced in July 2012", said Mint President and CEO, Nabil Bader today.

  • Mint Capital, ("MCO") the Corporation's microfinance subsidiary, commenced operations and launched its personal loan product to cardholders of Mint Middle East in partnership with Mawarid Finance with first loan applications processed during September 2012. Loans will continue to be settled during the 3 months ending December 31, 2012 and beyond.

  • Mint Middle East, ("MME") the Corporation's payroll card subsidiary, reported a total of 416,029 cards issued of which 245,980 billed revenue at September 30, 2012 and continues to transition issued cards to billed revenue cards arising from new contracts secured during 2012. MME also won new contracts totaling 65,000 cards during October and November which will be issued by December 31, 2012.

  • Mint Global Processing, ("MGP"), the Corporation's transaction processing business, loaded 109,000 MME cards to its platform and continues to migrate MME's payroll cards from third party platforms to MGP's facilities.

"I am delighted to report that we have continuing strong growth in our underlying payroll card business, progress in the delivery of our transaction platform and now the launch of our microfinance business. We look forward to each of these businesses making contributions during 2013", said Chris R Hogg, Mint Executive Chairman.

  • Mint's business development work in Qatar, Saudi Arabia and Egypt continues with draft agreements in Saudi Arabia and Egypt continuing to be negotiated in both regions. Business activity is underway in Qatar and revenues will begin to be reported during Q1 in 2013. Business activity is expected to commence in the Kingdom of Saudi Arabia in the first quarter of 2013. The Egypt project business commencement date will be dependent upon final outcome of contract negotiations.

  • Mint's acquisition of the money transfer business, Speed Remit Worldwide ("Speed Remit"), remains in progress and there is an anticipated closing date of January 15, 2013.

  • Management expects to provide Consolidated Group 2013 Earnings guidance before January 31, 2013, once the Speed Remit acquisition is completed.

"My thanks to Nabil Bader and his team for staying the course and for the focus they continue to apply to our objective of becoming the leading provider of alternative financial services to the unbanked in the Middle East North Africa region by 2014", said Chris R Hogg.


Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include further POS machines being deployed in December 2012, the settlement of additional loans through Mint Capital in December 2012 and beyond, business commencing in the Kingdom of Saudi Arabia by Q1 2013, and the completion of the acquisition of Speed Remit Worldwide. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements, including the risk that further POS machines will not be deployed as planned in December 2012, additional loans will not be settled through Mint Capital as planned in December 2012 and beyond, business will either not commence or be delayed in the Kingdom of Saudi Arabia and the closing of Speed Remit Worldwide may not happen. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.


Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.

For additional information please visit


Contact Information