The Mint Corporation
TSX VENTURE : MIT

The Mint Corporation

December 22, 2015 09:14 ET

Mint Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Dec. 22, 2015) -

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") announces the following:

Over the year, Mint Gateway for Electronic Payment Services LLC (a company 51% beneficially 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, has been working as expected in processing closed loop cards in a live environment. We are pleased to announce that the Platform has now successfully passed the testing procedures and met the requirements and standards to process international member association cards (open loop cards) for MasterCard and UnionPay International and to issue such prepaid cards through the Bank Identification Number (BIN) associated with our partner Noor Bank.

Mint has achieved a significant milestone and this development further establishes our reliability in the payment and card industry of our state-of-the-art technology platform built in a fully PCI, DSS compliant data centre based in the UAE.

Mint is also pleased to announce that Mint Gateway is the first approved TPSP (Third Party Service Provider) to process and distribute cards under BIN sponsorship agreements with UnionPay member banks in the region.

Mint has become the first approved:

  • UnionPay EMV Chip and contactless Card issuer in the region
  • UnionPay Salary Prepaid Card issuer in the UAE (under UAE's WPS Program)
  • UnionPay Certified TPSP in the region

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.

Contact Information