The Mint Corporation
TSX VENTURE : MIT

The Mint Corporation

May 16, 2014 09:16 ET

Mint Subsidiary in UAE Signs Technology Partnership Agreement

TORONTO, ONTARIO--(Marketwired - May 16, 2014) -

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") is pleased to announce that Mint Middle East LLC ("MME"), a subsidiary of the Company located in the UAE, signed a partnership agreement with S2M, a leading provider of electronic payment solutions and services based in Morocco.

S2M is used by over 100 banks and processing centres within the EMEA region and offers a unique and comprehensive range of products covering the entire electronic payment chain including Sharia Compliant products.

Currently, MME is processing in excess of 100 million CAD per month in payroll through the Wages Protection System ("WPS") with a portfolio of 300,000 cardholders and is recognized by the Central Bank of the UAE as a WPS agent. As part of its short-term goals, Mint plans to introduce value-added products to its cardholder base including direct remittance, mobile top-up and micro finance.

MME is also planning to build a PCI, DSS, SAS 70, ISO 27001, and ISO 9001 compliant new smart Tier3 data center, in the UAE, to serve its clients across the region, which will meet the upcoming compliance requirement to process local payment transactions within the region, placing MME in a unique position in the market allowing Mint to compete with industry leaders who are still servicing their clients using legacy systems.

GENERAL DISCLOSURE STATEMENT

Investors are encouraged to read the most recent 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.

ABOUT THE MINT CORPORATION

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 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and MEPS, a mobile airtime POS and Merchant network solutions business.

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

  • The Mint Corporation
    Pierre G. Gagnon
    Chief Executive Officer
    (905) 467-4709
    www.mintinc.com