The Mint Corporation
TSX VENTURE : MIT

The Mint Corporation

April 28, 2016 08:35 ET

Mint Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - April 28, 2016) - The Mint Corporation (TSX VENTURE:MIT) ("Mint" or the "Company") announces the following:

Business Update

Mint Middle East LLC ("MME"), a company 51% owned by Mint, has signed a partnership agreement with UnionPay International to issue UnionPay cards in association with Mint's partner banks. UnionPay International, a provider of payment services claiming the world's largest cardholder base, has also certified Mint as a Third Party Service Provider (TPSP). Mint becomes the first Union Pay certified payment processor and issuer for UnionPay Chip Cards in the GCC countries (a political and economic alliance called the Gulf Cooperation Council (GCC) made up of the UAE, Saudi Arabia, Oman, Kuwait, Qatar and Bahrain). Banks and financial institutions in the region, and globally, can now issue UnionPay scheme cards leveraging the end-to-end processing platform from MME on an outsourced basis without the need to make upfront capital investments. UnionPay cards enjoy a wide acceptance in the UAE and the GCC in both merchant point of sale terminals and ATMs. It is the intent of Mint to convert a portion of its existing card portfolio to UnionPay cards and also to issue UnionPay cards to new cardholders.

PCI Certification

MME successfully completed the audit for, and received, the Payment Card Industry Data Security Standard certification (PCI DSS). This was an important milestone for the company in its evolution to be a significant regional card issuer and electronic payments company. PCI DSS is an information security standard for organizations that handle branded payment cards from the major card schemes.

Middle East Cards & Payment Conference 2016

MME is a gold sponsor for the upcoming Cards and Payment Conference, to be held in Dubai on May 31st 2016. MME will have a strong presence in the conference and the MME team is planning to actively participate in the conference. This is the leading payments conference in the region and the active participation of MME will continue to enhance its visibility in the market place.

Readers are also directed to the Management Discussion and Analysis for the audited, consolidated financial statements of Mint for the years ended December 31, 2015 and 2014 filed on SEDAR at www.sedar.com.

Restatement of financial statements

During the year-end process, Mint identified that the accretion and interest expense on its Series A and Series B debentures, and the gain on the redemption of Series B debentures, were incorrectly calculated for the year-ended December 31, 2014 and for the periods ended March 31, 2015, June 30, 2015 and September 30, 2015. Restated audited consolidated financial statements for the years ended December 31, 2015 and 2014 have been filed on SEDAR at www.sedar.com.

The effect of the restatements for the year-ended December 31, 2014 results in a decrease of the net loss from $14,160,588 to $11,810,707, a decrease in the comprehensive loss from $16,046,659 to $13,696,778 and a decrease in the loss per common share from continuing operations from $0.188 per share to $0.113 per share.

In addition, the net loss for the three months period ended March 31, 2015 decreased from $3,142,505 to $1,918,531, the net loss for the six month period ended June 30, 2015 decreased from $5,500,417 to $4,087,884 and the net loss for the nine month period ended September 30, 2015 decreased from $7,143,441 to $6,442,825.

General Disclosure Statement

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 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. It is exposed to significant political, legal and regulatory risks associated with operating in this emerging and volatile market. The key management personnel and operations of the Company are based in countries which do not have strong and reliable judicial enforcement. This results 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 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 investing 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 The Mint Corporation

Established in 2004, Mint is a vertically integrated prepaid card and payroll services provider with its own processing platform, ATM network and proprietary branded card products delivered to workers in the United Arab Emirates. Mint operates as a payroll card and processing services provider in the UAE through its ownership in Mint Middle East LLC and Mint Gateway for Electronic Payment Services LLC.

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.

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