To Seek Banking License in United Arab Emirates; Ontario Securities Commission Revokes Cease Trade Order
Toronto, Ontario--(Newsfile Corp. - October 4, 2023) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") is pleased to provide a corporate update on its business and the status of its trading.
Business Update
Mint primarily operates its business through its 51% ownership in Mint Middle East LLC ("MME") which has made significant inroads in its effort to obtain a bank license to facilitate the launch of fintech products and services. In January, 2023, MME applied for a banking license in United Arab Emirates and has made significant progress in this initiative with market regulators in the United Arab Emirates. Given the highly complex nature of this initiative, including capital and regulatory process involved, there is no assurance that MME will be successful in obtaining a bank license to operate in the United Arab Emirates.
MME continues to maintain its core operating and management team, technology infrastructure and key relationships in order to assist with launching additional products and services. The term of MME's non-compete period from its previously announced divestment of its card portfolio has expired. Accordingly, MME is also evaluating the launch of additional fintech products and services, including payroll products, in partnership with other financial institutions. It is expected that these products will be complementary to obtaining a bank license in the UAE.
Revocation of Cease Trade
The Company announces the full revocation of the failure-to-file cease trade order (the "FFCTO") by the Ontario Securities Commission (the "OSC") and the reinstatement of its common shares for trading on the TSX Venture Exchange (the "TSXV").
As previously announced on May 15, 2023, the OSC issued the FFCTO against the Corporation as a result of the Corporation's inability to file its (i) Annual audited financial statements for the year ended December 31, 2022, (ii) Management's Discussion and Analysis for the period ended December 31, 2022, and (iii) certification of annual filings for the period ended December 31, 2022, in each case within the time frame prescribed by National Instrument 51-102.
As previously announced on June 19, 2023, Mint filed its unaudited financial statements and related Management Discussion and Analysis for the first quarter ended March 31, 2023, and filed its unaudited financial statements and related Management Discussion and Analysis for the second quarter ended June 30, 2023, on August 29, 2023.
The Corporation is pleased to report that the FFCTO was fully revoked by the OSC on June 20, 2023. Further to the revocation of the FFCTO, the Company obtained the reinstatement of trading in its common shares through the facilities of the TSXV to be effective at the opening on Thursday, October 5, 2023.
Shareholders Meeting
The Company also announced that it intends to hold its annual and special meeting of its shareholders on November 6, 2023, with shareholders of record as of October 2, 2023, being entitled to vote thereat. A copy of the Notice has been filed by the Company's transfer agent on SEDAR+. A management information circular and proxy will be made available on SEDAR+ in due course and disseminated to shareholders in accordance with applicable securities laws.
About Mint
The Mint Corporation through its majority-owned subsidiaries (the "Mint Group"), is a globally certified payments company headquartered in Toronto, Canada with its primary business in Dubai, United Arab Emirates. The Mint Group intends to provide employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by MasterCard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.
Mint Contacts
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
vishy@themintcorp.com
(416) 729-1363
www.themintcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. There is no assurance that these transactions will yield results in line with management expectations. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risk factors are provided in the audited financial statements of the Company for the year ended December 31, 2022, and its publicly filed disclosure documents on SEDAR+ at www.sedar.com. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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