The Mint Corporation

The Mint Corporation

October 11, 2013 13:50 ET

Mint Announces Business Update

TORONTO, ONTARIO--(Marketwired - Oct. 11, 2013) -


The Mint Corporation (TSX VENTURE:MIT) ("Mint") announced today that it would like to release the following business updates:

  • New Management and Board Positions

    Randy Koroll has been appointed a Director of Mint. Mr.Koroll has over 25 years of high level experience in the accounting sector. He is currently serving as a Chief Financial Officer of Star Navigation Systems Group Ltd. (TSX:SNA) and has served as a Chief Financial Officer for various publicly traded companies since 2005 as well as private companies since 2001. He has served on the Board and Audit committee of a publicly traded mining company and has participated in the launching of 9 companies on the TSX-V through its CPC program since January 2006. In addition, he has also been a speaker for the TSX-V in their seminar series "How to Manage a Public Company" as a public company CFO.

    Pierre Gagnon has been appointed Chief Restructuring Officer ("CRO") of Mint based in Dubai, UAE. As CRO, Pierre will have the authority to negotiate with all stakeholders including employees, partners, investors and creditors. Pierre, will also have authority over any expenses incurred by the company and will identify and implement cost savings opportunities in the organization. Pierre will prepare a business plan and a funding plan to position the company for future growth and seek board approval and support from investors. Mr. Gagnon studied Commerce at the University of Toronto and is an Associate of the Institute of Canadian Bankers. In 1988, he joined Brukar Inc., a manufacturer of industrial components for the food equipment industry as president. Mr. Gagnon is currently managing director of Chancery Investments Inc., an investment company. He is a director of publicly listed Altitude Resources Inc., Baymount Incorporated, DealNet Capital Corp., Spruce Ridge Resources Limited and Triumph Ventures II Inc., as well as a number of private companies. He is an advisor to The Succession Fund and Shotgun Fund, two private equity funds.

    Mint welcomes both gentlemen to the Mint team and looks forward to working with them towards the growth of Mint's future successes.

  • Financing Update

    Between August 28, 2013 and September 20, 2013, Mint closed on the financing of CAD$168,495 and USD$72,180.04 in the form of multiple secured bridge loans due on November 30, 2013. The bridge loans bear an interest rate of 24% per annum compounded monthly. Funds were used for specific third-party vendor payments. On October 9, 2013, the
    Company received further bridge financing in the amount of CAD$650,000 with identical terms to the above loans. The lender was a related party of Mint because Vishy Karamadam is a director of that lender and a director of Mint. As a consequence, the loans are related party transactions under Mulitlateral Instrument 61-101. A material change report was filed less than 21 days before the loans because of the pressing need for funding by Mint.

    The Company continues to operate at a loss. Currently, no long term funding sources have been secured but Mint is continuing to work on finding investors for both equity and debt offerings. With the appointment of Mr. Gagnon as CRO, the Company will spend the next 3 - 6 months heavily focused on reducing operational costs and increasing revenue in the core business. This process has already begun with the closing of the US office. The landlord for the US office space has filed a judgment for non-payment of rent and the Company is currently in discussions to rectify this situation.

    The Company is currently in arrears on various debenture interest payments. The specific arrears are Series V in the amount of CAD$83,089.57 which was due on August 8, 2013, Series IV in the amount of $52,469.11 which was due on August 13, 2013, Series VI in the amount of US$9,163.47 which was due on September 30, 2013 and Series VII in the amount of CAD$186,469.97.

    Mint is currently 3 months behind in payments for some of its employees. Funds from the last bridge loan will be used to pay some of these overdue payments.


Investors are encouraged to read the Management Discussion and Analysis Documents filed on SEDAR for a description of additional risks associated with investing in The Mint Corporation. The following statement is only intended to inform investors on certain of the many risks associated with investing in The Mint Corporation (the "Company"). The Company operates predominantly in the Middle East and North Africa ("MENA"). It is accordingly exposed to significant political, legal and regulatory risks associated with operating in these emerging and volatile markets. The key management personnel and operations of the Company are based in countries which do not have strong and reliable judicial enforcement. This results directly in additional risk with respect to the enforcement of legal and contractual rights, including, for example but without limitation, the enforcement of the rights of creditors, the protection of intellectual property rights, the enforcement of joint venture arrangements, and binding key employees with non-compete agreements. Since inception, the Company has not reached profitability. The Company relies heavily on high-cost, debt financing to fund its business plan. This has exposed the Company to unique financial risks associated with significantly higher than normal debt levels. Investors in the company are strongly encouraged to be aware of the significant risks of the company, to conduct additional due diligence and to seek the help of a licensed investment advisor before considering to invest in securities of the Company. Moreover, investors must be aware that the purchase of the Company's securities involves a number of additional significant risks and uncertainties, as disclosed in the Management Discussion and Analysis reports filed on SEDAR by the Company. Investors considering purchasing securities of the Company should be able to bear the economic risk of total loss of such investment.


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 MEPS, a mobile airtime POS and Merchant network solutions business.


For additional information please visit

Contact Information