TORONTO, ONTARIO--(Marketwire - July 18, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) wishes to announce the closing of the acquisition of ePAY, a division of Global Business Services for Multimedia, one of the United Arab Emirates leading mobile airtime POS eVoucher network companies, as announced on May 31, 2012 and June 21, 2012.
The settlement and closing of the acquisition for AED 31,319,743 (approx. US$8,530,337) takes place in three stages which are described as follows:
- The settlement of CAD$3,310,850 payable by issuing 16,554,250 Mint common shares to the seller at a price of $0.20 per share (no warrant) took place on June 22, 2012.
- An adjusted settlement payment of 12,830,000 AED (approx. US$3,495,913) along with CAD$500,000 was paid on July 13th 2012. The Company had already paid a 1,000,000 AED deposit on May 30, 2012.
- a deferred settlement payment 3,670,000 AED (approx. US$1,000,000) which is payable soon after July 13th 2013 provided that the EBITDA of the business achieves an agreed performance target of AED 5,517,000 (approximately US$ 1,500,000) for that 12 month period.
Chris Hogg, Executive Chairman of Mint, said today, "We look forward to ePAY becoming a successful part of the Mint family of products and services. In addition to expected strong organic growth from the existing ePAY Merchant network, Mint is also now in a position to offer its own airtime top up service to our Mint Middle East cardholder base which will drive incremental earnings as a result. We continue to execute on our long term business plan with the goal of becoming the top financial services provider to the unbanked in the Middle East North Africa region."
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward looking statements include the deferred settlement payment of 3,670,000 AED. 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. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. 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.
ABOUT MINT TECHNOLOGY CORP
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 including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Capital (for Mint Money group of products), a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange TSX: MIT-V.
For additional information please visit www.mintinc.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.