TORONTO, ONTARIO--(Marketwired - Jan. 8, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
The Mint Corporation (TSX VENTURE:MIT) ("Mint" or the "Company") would like to announce the resignation of Nabil Bader as President and Chief Executive Officer ("CEO") as of December 27th, 2013, the appointment of Pierre Gagnon as Interim CEO as of December 27th, 2013, and Abdul Razzak Al Abdullah as Chief Restructuring Officer ("CRO") as of January 7, 2014.
Mr. Bader has been President and CEO of Mint since June 2010 and joined the Board of Directors in November 2010. Though Mr. Bader is resigning is operational position, he will remain a Director of Mint. During his tenure with Mint, Mr. Bader was instrumental in expanding the product offerings of Mint as well as increasing Mint's footprint in the MENA region. His ability to establish forward looking strategic partnerships will enable the new leadership team to stabilize the current platform as well as continue to progress with current projects in the Kingdom of Saudi Arabia and throughout the MENA region.
Neil Gilday, Director, said today, "Nabil has been a great asset to Mint. His background of helping to establishing the WPS system in the UAE and his understanding of the region and its inner workings have enabled Mint to establish a foundation from which we can grow from. It will be up to the Board and the new leadership team to stabilize what Nabil has helped to create and create a fiscally responsible plan to move forward."
Mr. Al Abdullah will assume Mr. Gagnon's previous position of CRO of the Middle East group of companies. Mr. Al Abdullah is a long time shareholder of Mint as well as a strategic partner through Mint's subsidiary Mint Electronic Payment Systems ("MEPS"). Mr. Al Abdullah's knowledge and experience within the region will be invaluable to Mint during this time of cost reduction and a focus of strengthening the core business. Through Mr. Al Abdullah's workings with the Mint restructuring team, Mint has been able to streamline its various processes and procedures and has been able to reduce its staff by 32 people throughout the various Middle East subsidiaries. This, combined with the previous closing of the US office, has reduced Mint's consolidated monthly expenses considerably and has not affected the quality of operations.
GENERAL DISCLOSURE STATEMENT
Investors are encouraged to read the most recent Management Discussion and Analysis Documents filed on SEDAR for a description of additional risks associated with investing in the Company. The following statement is only intended to inform investors on certain of the many risks associated with investing in 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.
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 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.
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.
For additional information please visit www.mintinc.com.