TORONTO, Dec. 06, 2017 (GLOBE NEWSWIRE) — The Mint Corporation (TSX Venture:MIT) (“Mint” or the “Company“) makes reference to its news releases of February 2, 2017 and April 28, 2017 relating to the proposed purchase of a particular UAE Central Bank licensed finance company (the “Purchase Transaction”) and its news release of September 15, 2017.
Mint announces that its majority owned subsidiary, Hafed Holding LLC (“Hafed”), is actively engaged in preliminary due diligence and discussions for the purchase of an alternative, well-respected UAE Central Bank licensed finance company (the “Finance Company”) that management believes is a better strategic fit. Any purchase of the Finance Company will depend, among other things, on Hafed entering into a definitive purchase agreement on satisfactory terms and the completion of due diligence satisfactory to Hafed. Therefore, Mint announces that the original Purchase Transaction has been terminated.
Mint, through its majority owned subsidiaries (the “Mint Group”), offers payroll cards for unbanked employees in the UAE. The Mint Group intends to launch a lending program to those payroll card holders. A suitable arrangement with a UAE Central Bank licensed finance company is required for that purpose, either through acquisition, a joint venture or partnership or a service arrangement.
Forward Looking Statements
This news release contains forward-looking statements. Forward-looking information includes statements with respect to the intention of the Mint Group to launch a lending program to its payroll card holders. 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, the Mint Group’s proposed lending program to its payroll card holder is dependent on obtaining the services of a UAE Central Bank licensed finance company. There is no assurance that the acquisition of the Finance Company described above will occur. Completion of that transaction is dependent on, among other things, satisfactory due diligence, the execution and closing of a definitive agreement, UAE Central Bank approval and financing of the acquisition. 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.
About The Mint Corporation
Mint, through its majority owned subsidiaries (the “Mint Group”), is a globally certified payments company focused on offering financial services to the unbanked salaried worker in the United Arab Emirates (UAE). The Mint Group provides employers with payroll cards for their unbanked employees. These employees earn regular salaries and have long-term work permits. The Mint card effectively becomes a cardholder’s bank account. The Mint Group is in the process of creating a comprehensive suite of value added services for its corporate clients and their employees. Mint is proud that the Mint Group is the only end-to-end, globally certified payments platform in the UAE. The Mint Group network covers the entire spectrum from issuing, processing and acquiring, all through its in-house platform.
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.
The Mint Corporation