Mr. Rishi Tibriwal reports

MINT PROVIDES CORPORATE UPDATE

The Mint Corp. has provided a corporate update.

Business update

Mint Middle East LLC (MME), a company 51 per cent owned by Mint, has signed a partnership agreement with UnionPay International to issue UnionPay cards in association with Mint'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 has become the first UnionPay-certified payment processor and issuer for UnionPay chip cards in the GCC countries (a political and economic alliance called the Gulf Co-operation Council (GCC) made up of the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar and Bahrain). Banks and financial institutions in the region and globally can now issue UnionPay scheme cards leveraging the end-to-end processing platform from MME on an outsourced basis without the need to make upfront capital investments. UnionPay cards enjoy a wide acceptance in the United Arab Emirates and the GCC in both merchant point-of-sale terminals and ATMs (automated teller machines). It is the intent of Mint to convert a portion of its existing card portfolio to UnionPay cards and also to issue UnionPay cards to new cardholders.

Payment Card Industry certification

MME successfully completed the audit for, and received, the Payment Card Industry Data Security Standard (PCI DSS) certification. This was an important milestone for the company in its evolution to be a significant regional card issuer and electronic payments company. PCI DSS is an information security standard for organizations that handle branded payment cards from the major card schemes.

Middle East Cards and Payment Conference 2016

MME is a gold sponsor for the coming Cards and Payment Conference, to be held in Dubai on May 31, 2016. MME will have a strong presence in the conference, and the MME team is planning to actively participate in the conference. This is the leading payments conference in the region and the active participation of MME will continue to enhance its visibility in the marketplace.

Readers are also directed to the management discussion and analysis for the audited, consolidated financial statements of Mint for the years ended Dec. 31, 2015, and Dec. 31, 2014, filed on SEDAR.

Restatement of financial statements

During the year-end process, Mint identified that the accretion and interest expense on its Series A and Series B debentures, and the gain on the redemption of Series B debentures, were incorrectly calculated for the year ended Dec. 31, 2014, and for the periods ended March 31, 2015, June 30, 2015, and Sept. 30, 2015. Restated audited consolidated financial statements for the years ended Dec. 31, 2015, and Dec. 31, 2014, have been filed on SEDAR.

The effect of the restatements for the year ended Dec. 31, 2014, results in a decrease of the net loss from $14,160,588 to $11,810,707, a decrease in the comprehensive loss from $16,046,659 to $13,696,778 and a decrease in the loss per common share from continuing operations from 18.8 cents per share to 11.3 cents per share.

In addition, the net loss for the three months period ended March 31, 2015, decreased from $3,142,505 to $1,918,531; the net loss for the six-month period ended June 30, 2015, decreased from $5,500,417 to $4,087,884; and the net loss for the nine-month period ended Sept. 30, 2015, decreased from $7,143,441 to $6,442,825.