Mint Technology Corp.

Mint Technology Corp.

June 21, 2012 11:09 ET

Mint Announces ePAY Acquisition to Close and Further Details

TORONTO, ONTARIO--(Marketwire - June 21, 2012) -


Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) wishes to announce further details of the purchase agreement for ePAY, one of the United Arab Emirates leading mobile airtime POS eVoucher network companies, as announced on May 31, 2012 and the proposed closing of this transaction on or before June 30, 2012.

The purchase price is approximately AED 35,000,000 (US$9,500,000) and consists of the following:

a) a payment of 19,300,000 United Arab Emirates Dirhams ("AED") (approximately US$5,258,855), of which 15,630,000 AED (approximately US$4,258,885) is payable on closing and 3,670,000 AED (approximately US$1,000,000) is payable 12 months following closing provided that the EBITDA of the business achieves an agreed performance target for that 12 month period, and
b) CAD$3,310,850 payable by issuing 16,554,250 Mint common shares to the seller at a price of $0.20 per share.

Mint Chairman, Chris R. Hogg, said today, "This completes another milestone in the Mint growth story by adding our own Mobile Airtime top up network which in addition to strong anticipated organic growth from ePAY's existing network, will allow us to offer mobile airtime minutes to our cardholders more conveniently and at a lower price than they currently enjoy."

Financing for this acquisition was provided by a private placement to a significant Canadian Institution as announced on June 8, 2012.

Based upon current performance of ePAY, this business will immediately contribute in excess of $4,000,000 of net revenues per annum and Net Profit of approx. $1,500,000 per annum before any contribution from anticipated sales to Mint payroll cardholders.


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 proposed closing of the purchase agreement for ePAY. 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.


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 VENTURE:MIT).

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