The Mint Corporation
TSX VENTURE : MIT

The Mint Corporation

December 09, 2015 09:20 ET

Mint Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Dec. 9, 2015) -

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

Technology Implementation

Over the year, Mint Gateway for Electronic Payment Services LLC (a company 49% owned by Mint Capital LLC a wholly owned subsidiary of Mint) has been working on the deployment of a new payments processing platform (the "Platform"). This Platform, once fully implemented, will process transactions including payment card (both open and closed loop), point of sale and ATM transactions. It will allow Mint Gateway and Mint Middle East LLC (MME) (a company 51% owned by Mint) the flexibility to offer new products to their existing customers and to offer payment cards for uses other than as a payroll card.

MME has transferred a portion of its payroll card portfolio and related ATMs onto the Platform. Mint is pleased to announce that the Platform is working as expected in a closed-loop, live environment. Upon full deployment of the Platform, all of the payroll card portfolio will be consolidated on the in house Platform. These card portfolios are currently being processed on third party platforms.

The Platform has also been subjected to additional certification, testing and compliance procedures. The Platform has achieved a number of operational milestones and is at an advanced stage towards approval to process international card member association cards in an open-loop environment. Once that approval is received and upon deployment of necessary modules of the Platform, Mint will be able to offer new products to its card holders. These new products would include mobile phone top up, money remittance and loyalty programs.

The Platform, once fully ready, will also allow Mint to offer payment processing services to third parties.

Business Update

Mint is also pleased to announce that MME has completed numerous test procedures to move its card portfolio bank identification number (BIN) to Abu Dhabi Islamic Bank, a leading financial institution in the United Arab Emirates (UAE). Once the BIN transfer is completed and the Platform is ready, MME will be able to offer a loan program to its payroll card holders.

Personnel Additions

To successfully manage the implementation and management of the Platform and to position Mint to be a fully integrated payment processing company, Mint Gateway has continued to strengthen its technology team through new hiring.

Corporate

The Company intends to approach its debenture holders to seek approval of amendments to the terms of its debentures. The objective is to better align the Company's debt servicing obligations with the Company's business plan.

Forward Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements that Mint is at an advanced stage towards approval to process international card member association cards in an open-loop environment; that once approval is received and upon deployment of necessary modules of the Platform, Mint will be able to offer new products to its card holders including mobile phone top up, money remittance and loyalty programs; that once the Platform is fully ready, Mint will be able to offer payment processing services to third parties; and that once the BIN transfer is completed and the Platform is ready, MME will be able to offer a loan program to its payroll card holders. The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, Mint may encounter technical problems implementing the Platform, problems obtaining UAE central bank approval and problems obtaining the BIN transfer approval, any of which could delay or prevent the full implementation of the Platform and the offering of the products and services described above. The forward-looking statements contained in this press release are made as of the date hereof. 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 laws.

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 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 51% owned Mint Middle East LLC and through 49% owned 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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