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Mint Technology Corp (2)
Symbol MIT
Shares Issued 254,871,803
Close 2012-11-30 C$ 0.085
Market Cap C$ 21,664,103
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Mint Technology loses $795,968 in Q3 2012

2012-12-03 10:15 ET - News Release

Mr. Nabil Bader reports

MINT ANNOUNCES 2012 QUARTER 3 FINANCIAL STATEMENTS, MANAGEMENT DISCUSSION & ANALYSIS AND BUSINESS UPDATE

Mint Technology Corp. filed its third quarter financial statements, third quarter management discussion and analysis, and related chief executive officer and chief financial officer certificates for the third quarter trading performance ended Sept. 30, 2012, on Nov. 29, 2012.

Management provides the following highlights:

  • Revenue increased from $1,329,564 reported for the four months ended Dec. 31, 2011, to $15,076,297 for the three months ended Sept. 30, 2012, reflecting the first contribution of the ePAY acquisition announced on July 13, 2012.

  • Net loss for the three months ended Sept. 30, 2012, was $795,968 compared with a loss of $2,327,362 for the three months ended June 30, 2012, and $5,800,673 loss reported for the four months ended Dec. 31, 2011.

  • Cash provided from operating activities for the three months ended Sept. 30, 2012, was a positive $597,573.

  • Total assets increased from $11,503,496 at Dec. 31, 2012, to $23,652,646 at Sept. 30, 2012, and total liabilities increased from $18,222,795 at Dec. 31, 2012, to $24,520,087 at Sept. 30, 2012, and shareholders' equity improved from negative $6,719,299 to negative $867,411.

  • Mint Electronic Payment Systems (MEPS), the corporation's mobile airtime top-up subsidiary, is included in the corporation's results from July 22, 2012. Revenue was derived from 1,211 active POS at Sept. 30, 2012. A further 1,550 POS are being deployed to merchant locations during December, 2012, bringing the total active number of POS as at Dec. 31, 2012, to 2,761.

"Our first month-on-month sales performance for MEPS delivered growth in all metrics demonstrating that this business unit is well on track to deliver on its expectations as announced in July, 2012," said Mint president and chief executive officer, Nabil Bader, today.

Mint Capital (MCO), the corporation's micro-finance subsidiary, commenced operations and launched its personal loan product to cardholders of Mint Middle East in partnership with Mawarid Finance with first loan applications processed during September, 2012. Loans will continue to be settled during the three months ending Dec. 31, 2012, and beyond.

Mint Middle East (MME), the corporation's payroll card subsidiary, reported a total of 416,029 cards issued of which 245,980 billed revenue at Sept. 30, 2012, and continues to transition issued cards to billed revenue cards arising from new contracts secured during 2012. MME also won new contracts totalling 65,000 cards during October and November which will be issued by Dec. 31, 2012.

Mint Global Processing (MGP), the corporation's transaction processing business, loaded 109,000 MME cards to its platform and continues to migrate MME's payroll cards from third party platforms to MGP's facilities.

"I am delighted to report that we have continuing strong growth in our underlying payroll card business, progress in the delivery of our transaction platform and now the launch of our micro-finance business. We look forward to each of these businesses making contributions during 2013," said Chris R. Hogg, Mint's executive chairman.

Mint's business development work in Qatar, Saudi Arabia and Egypt continues with draft agreements in Saudi Arabia and Egypt continuing to be negotiated in both regions. Business activity is under way in Qatar and revenues will begin to be reported during first quarter 2013. Business activity is expected to commence in Saudi Arabia in the first quarter of 2013. The Egypt project business commencement date will be dependent upon final outcome of contract negotiations.

Mint's acquisition of the money transfer business, Speed Remit Worldwide, remains in progress and there is an anticipated closing date of Jan. 15, 2013.

Management expects to provide consolidated group 2013 earnings guidance before Jan. 31, 2013, once the Speed Remit acquisition is completed.

"My thanks to Nabil Bader and his team for staying the course and for the focus they continue to apply to our objective of becoming the leading provider of alternative financial services to the unbanked in the Middle East North Africa region by 2014," said Mr. Hogg.

We seek Safe Harbor.

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