|
June 28, 2011
|
|
Mint Technology Announces Shareholder Approval for Purchase of Subsidiary
Minority Interest and Conversion of Debt for Equity
|
TORONTO, ONTARIO--(Marketwire - June 28, 2011) -
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. (TSX VENTURE:MIT) ("the Corporation") today announced that at the Extraordinary General Meeting held by the Corporation, shareholders approved the purchase of the remaining 40% minority interest of its subsidiary, Mint Middle East LLC and agreed to convert $1,500,000 of debt into equity.
To facilitate this transaction, the Corporation will issue 20,000,000 of units to Nabil Bader in exchange for 25% of the membership interests in Mint Middle East LLC at a price of USD$0.125 per unit, each unit consisting of one common share of the Corporation and one warrant and each warrant being exercisable for one common share of the Corporation at an exercise price of CDN$0.15 at any time within 2 years following issuance of the warrant.
The Corporation also announced the approval by the shareholders of the issuance of 10,714,285 common shares at a price of USD$0.14 to a corporation controlled by Nabil Bader in satisfaction of a promissory note for USD$1,500,000 originally issued as part consideration for the purchase of assets from Waseela Equity LLC.
At the same meeting, the shareholders of the Corporation also approved to pay in cash USD$500,000.00 and issue 8,000,000 units at a price of $0.125 per unit, to Maher Kaddoura in exchange for 15% of the membership interests in Mint Middle East LLC, each unit consisting of one common share of the Corporation and one warrant and each warrant being exercisable for one common share of the Corporation at an exercise price of $0.15 at any time within 2 years.
Mint is now awaiting final approval from the TSX Exchange to proceed with fulfillment of the approved transactions, following which the Corporation will own 100% of Mint Middle East LLC.
Mint's Chairman, Chris Hogg said today, "Moving to 100% ownership of Mint Middle East LLC now allows us to consolidate 100% of the subsidiary's results at a time of organic growth and expansion through the acquisition of a prepaid card portfolio and recent contract wins previously announced."
Mr. Hogg also said, "Our due diligence to purchase a prepaid card portfolio in the Middle East as announced on May 19, 2011 is continuing and the transaction is scheduled to be completed on or before July 15, 2011."
ABOUT MINT TECHNOLOGY CORP
Mint Technology Corp. is a pioneer in prepaid financial products and services and was Canada's first provider of prepaid credit card programs. Today, Mint, through its subsidiary Mint Middle East LLC based in Dubai, UAE, designs, builds and manages an end-to-end card based payments solution for employers and employees for the payment of wages and benefits. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage these financial transactions. Mint also provides services for those clients looking to move towards "next generation" payment methods that include chip, internet, data mining and mobile phone load and money remittance technologies.
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the final approval by the TSX Venture Exchange of the purchase by Mint of the minority interest of its subsidiary Mint Middle East LLC and the conversion of $1,500,000 of debt into equity as well as the closing of the prepaid card portfolio purchase. 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.
Stock Symbol: MIT on the TSX Venture Exchange.
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.
|
|