TORONTO, Sept. 15, 2017 (GLOBE NEWSWIRE) — The Mint Corporation (TSX Venture:MIT) (“Mint” or the “Company“) and Gravitas Financial Inc. (CSE:GFI) (“Gravitas”) make reference to Mint’s news releases of February 2, 2017, March 31, 2017 and April 28, 2017 relating to the proposed purchase of a UAE Central Bank licensed financial company (the “Financial Company”). The date fixed for completion of that purchase transaction has passed, and certain conditions to closing have not been met at this time. Gravitas and Mint are considering their options in relation to the purchase transaction, including whether to proceed or to terminate the purchase. In parallel, Mint has commenced discussion and initiated due diligence on an alternative UAE Central Bank licensed finance company for a possible purchase.
Mint is confident that there are alternatives to the purchase of the Financial Company, including entering into a joint venture with another financial company and the acquisition of an alternative UAE Central Bank licensed financial company. Whichever strategy is pursued will dictate the timing of the launch of the lending program to payroll card holders referred to in the earlier news releases.
This news release contains forward-looking statements. Forward-looking information includes statements with respect to the availability of alternatives to the purchase of the Financial Company. The forward-looking statements are based on certain expectations and assumptions made by the Company. Although the Company believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. Among other things, Mint’s belief that there are acceptable alternatives to the purchase of the Financial Company is based on preliminary discussions and Mint’s current understanding of the regulatory framework in the UAE, both of which may change as it explores these alternatives in more detail. The forward-looking statements contained in this press release are made as of the date hereof. The Company 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 laws.
General Disclosure Statement
Investors are encouraged to read the Management Discussion and Analysis Documents filed by Mint 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. It is exposed to significant political, legal and regulatory risks associated with operating in this emerging and volatile market. The key management personnel and operations of the Company are based in countries which do not have strong and reliable judicial enforcement. This results 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 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 investing 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 a vertically integrated prepaid card and payroll services provider with its own processing platform, ATM network and proprietary branded card products delivered to unbanked workers in the United Arab Emirates. Mint operates as a payroll card and processing services provider in the UAE through its ownership in Mint Middle East LLC and Mint Gateway for Electronic Payment Services LLC.
About Gravitas Financial Inc.
Gravitas is a diversified financial services and merchant banking firm that has an active presence in fast growing international regions including China, India and the Middle East. Gravitas has made strategic investments in high quality and well-managed financial and capital market services companies. The Company currently has ownership interests in various distribution channels, including its 40% ownership in Portfolio Strategies Corporation (PSC), one of Canada’s largest independent Mutual Fund Dealers, with over $2.5 billion in assets under administration and 270 Advisors across Canada.
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.