Press release from Marketwire
Mint Announces Quarter 2 Results and Provides Business Update
Wednesday, August 29, 2012
Mint Announces Quarter 2 Results and Provides Business Update15:58 EDT Wednesday, August 29, 2012TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced today that it filed its 2012 Second Quarter ("Q2") Financial Statements, Q2 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q2 trading performance ended June 30, 2012 (the "Q2 Filings") on August 29, 2012. Revenue from operations was $959,617 for the quarter ended June 30, 2012, up from $862,641 for the quarter ended May 31st, 2011 (+10%). Total Net Loss for the 3 month period under review was ($2,327,362) compared to ($5,800,673) for the 4 months ended December 31st, 2011. ($633,360) of the Total Net Loss is attributable to the UAE Operations of which ($473,791) is depreciation and amortization.The continuing expensed investment cost of the non UAE card activities including Mint Capital, Mint Egypt, Mint Qatar and Mint Global Processing LLC was ($1,694,002) further emphasizing the investments being made over the last 12 months in non UAE card activities. An improvement of 46% on a monthly loss run rate basis indicates that the majority of our Non UAE card activities investments are now reaching completion. Mint's Executive Chairman, Chris Hogg said today, "2013 is shaping up to be our breakthrough year during which we will benefit from the full card platform revenues in UAE, new business operations which will commence in Qatar, Saudi Arabia and Egypt, contributions from Mint Capital microfinance products, ePAY and Speed Remit Group revenues and profits". Cash totaled $6,354,162 at June 30, 2012 up from $690,444 for the period ended December 31, 2011 (+ 820%). Total Assets increased from $11,503,496 at December 31, 2011 to $20,505,311 at June 30, 2012 (+78%) and Total Liabilities increased from $18,222,795 at December 31, 2011 to $20,680,619 (+13%). Total Liabilities include IFRS based accounting for derivative warrant liability of $6,541,788 which will reduce as the Corporation's outstanding warrants are exercised or expire.In the last Quarter and subsequently Mint has:Completed the final payment of $1,118,980 for the acquisition of the card business of Workers Equity Holdings B.S.C Exercised 15,644,300 with an exercise price of $0.15 for proceeds of $2,346,645. Completed the acquisition of ePAY, a mobile airtime top up business and issued 16,554,250 shares to the Sellers at $0.20 per common share Received regulatory approvals certification for our own transaction processing platform and switch Completed a total of $7,700,000 in both debt and equity financings which were fully subscribed by various Canadian Institutions. Completed the build of our Mint Capital Microfinance program and targeted September 2012 to launch the first loans to our cardholder base Announced the proposed acquisition of a global money transfer companyMint's CEO Nabil Bader said today, "This Quarter's result announced today read together with the announcements of both the acquisition of ePAY (a mobile airtime top up business) and the proposed acquisition of Speed Remit Group of Companies (a global money transfer business) now positions Mint to deliver on our long stated business objectives to build a fully integrated suite of alternative financial offerings to our card holder base in UAE and the MENA region generally."Mr. Bader also said today, "We continue to meet and exceed milestones we have set internally to build this business into both a geographically diverse and product driven model serving our unbanked workers who carry the Mint card. In addition, we expect that both our prospective business operations in Egypt and Saudi Arabia will have signed Agreements with our Banking Client/Partners and be in the process of building out our platform and card operations by the end of Calendar 2012."FORWARD-LOOKING STATEMENTS Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and 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 regulations.ABOUT MINT TECHNOLOGY CORP 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 including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Capital (for Mint Money group of products), a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 105 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange TSX: MIT-V. For additional information please visit www.mintinc.com or contact: Mint Technology Corp.FOR FURTHER INFORMATION PLEASE CONTACT: Nabil BaderMint Technology Corp.President & CEO+971 email@example.comORNicole SouaddaMint Technology Corp.Head of Compliance and Investor Relations610firstname.lastname@example.orgNEITHER 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.