The Mint Corporation

The Mint Corporation

August 01, 2014 16:33 ET

Mint Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Aug. 1, 2014) -


The Mint Corporation (TSX VENTURE:MIT) ("Mint" or the "Company") announces the following:

Board and Management Changes

Mint is announcing that Pierre G. Gagnon, has resigned as President and CEO of the Company and Vishy Karamadam is appointed as the President and CEO effective July 28, 2014. Mr. Gagnon will assume the role of Chairman of the Board for Mint. Under Mr. Gagnon's guidance as President and CEO, the Company has undergone a major restructuring of all its operations including the closing of Mint's Series A and B debenture issuances in March and May of this year which provided Mint the ability to restructure its balance sheet and provide new funding to continue operations going forward. The Board of Mint wishes to thank Mr. Gagnon for his efforts.

Mr. Karamadam is currently a director of Mint and an Executive Vice President with Gravitas Financial Inc. ("Gravitas"). Mr. Karamadam is a management professional with over 20 years of corporate and entrepreneurial experience. Most recently his area of focus has been in restructuring, strategy, capital markets and entrepreneurship. Prior to joining Gravitas, he was the co-founder of Ubika Research an investment research and capital markets services firm and, a leading online financial portal that connects small cap publicly listed companies to investors. Mr. Karamadam holds a Bachelor in Technology Degree in Electronics & Communication Engineering, Masters in Management Studies in Finance from the University of Mumbai, India and an MBA from McGill University in Montreal.

Mint is also pleased to announce that Samuel Webster and Ashish Kapoor have joined the Board effective July 31, 2014.

Mr. Webster is the CEO and President of Portfolio Aid Inc. ("PortfolioAid"), Canada's market leader in compliance automation software solutions for investment dealers and the securities regulators that govern them. Prior to joining PortfolioAid in 2009, Mr. Webster held senior and executive level positions in New York and Toronto at DataMirror Corporation, a highly successful data integration software company that was purchased by IBM in 2007, and Hero Ventures, a technology-focused venture capital fund. Mr. Webster also co-founded reBOOT Canada, a non-profit organization providing computer equipment and IT services to other non-profit and charitable organizations.

Graduating from Princeton University in 1992, Mr. Webster has amassed over 20 years of technology and finance experience throughout his career.

Mr. Kapoor is the Managing Partner of SimKap Advisory Corp ("SimKap"), a corporate services firm through which he provides CFO services to DealNet Capital Corp., a merchant banking company focused on Business Process Outsourcing (BPO) and Consumer Financing; Gilla Inc., a designer, marketer and distributor of electronic cigarettes and accessories; and Transeastern Power Trust, owner and operator of hydroelectric power assets. Prior to SimKap, Mr. Kapoor gained over 10 years of experience in investment banking, advising clients across various industries. As a Senior Vice President at Macquarie Capital Markets Canada Ltd., Mr. Kapoor was responsible for the Canadian telecom, media, entertainment and technology investment banking group and completed in excess of $3B in successful principal investments and advised on a further $4B of mergers and acquisitions for third party clients. Prior to Macquarie, Mr. Kapoor obtained his Chartered Accountant designation as part of Ernst & Young's Toronto practice and was awarded the Gold Medal for first place in Ontario, and the Bronze Medal for third place in Canada on the 2000 Chartered Accountancy Uniform Final Examination. Mr. Kapoor is also a CFA Charter holder and holds a Masters of Accounting and a Bachelor of Arts degree from University of Waterloo.

Mr. Gagnon, Chairman of the Board is pleased to welcome both Sam and Ashish to the Board and believe that their skills and background will provide significant value to Mint, both in terms of enhancing corporate governance as well as providing strategic leadership for Mint going forward.

Exercise of Convertible Debentures

On July 31, 2014, Mint received notice from Gravitas of its intention to convert $295,412 of the total $2,621,920 in convertible debentures held by Gravitas into common shares of Mint at $0.05 per share. As a result of this conversion notice, Mint issued 5,908,240 common shares to Gravitas on July 31, 2014. Subsequent to this issuance, Gravitas owned approximately 18% of the approximately 32.8 million issued and outstanding common shares of Mint.


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 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 3 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company and Mint Electronic Payment Services LLC, a mobile airtime POS and merchant network solutions business.


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