TORONTO, ONTARIO--(Marketwired - Dec. 30, 2016) - The Mint Corporation (TSX VENTURE:MIT) ("Mint" or the "Company") announces the following:
Mint Middle East LLC ("MME"), a company 51% owned by Mint and Mint Gateway for Electronic Payment Services LLC a company 51% beneficially owned by Mint (together referred to as Mint Group) had a successful 2016 that achieved several operational milestones including achieving Payment Card Industry Data Security Standard (PCI DSS) certification and a partnership agreement with UnionPay International to issue UnionPay cards in association with Mint Group'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 Group is 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).
Mint Group also successfully won a significant customer account in UAE and did a rapid deployment of Union Pay Chip Cards to this corporate customer utilizing our proprietary payment platform in the fourth quarter of this year. This successful large scale deployment is further evidence of the leadership and capability of our team and to scale up our platform in the coming years. Our new integrated certified payments platform can bring significant operational improvements for our customers and partners to manage their payroll and other card programs with a more robust self-serve online management reporting and card management capability. Mint Group currently has approximately four hundred thousand card holder accounts.
During the year Mint Group also upgraded and enhanced its proprietary ATMs to meet evolving industry standards. Mint Group continues to enhance the operational team and strengthen the Risk & Compliance functions to fulfill its mission critical role as a certified third party payment processor.
Mint Group now has a fully integrated, globally certified payments platform that includes issuing and processing capabilities certified with major card member association networks and the UAE Central Bank. Mint Group has online, mobile, Point of Sale and Kiosk platforms integrated with its payment platform and its own proprietary ATM network. We believe that such an integrated payments platform is a unique competitive advantage not only in the UAE and the Middle East region, but also globally. This platform is positioning Mint Group to offer an expanded range of payment related services to a more diverse range of clients than before.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements which include the uniqueness of payment platform and the ability to offer a diverse range of services and ability to attract new clients and scale up the platform. The forward-looking statements are based on certain expectations and assumptions made by the Company. Although the Company believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because the Company 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. The forward-looking statements contained in this press release are made as of the date hereof. The Company 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 processing platform, ATM network and proprietary branded card products delivered to unbanked 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.
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