Press release from Marketwire

Mint Announces 2012 Quarter 3 Financial Statements, Management Discussion & Analysis and Business Update

Monday, December 03, 2012

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2012) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Corporation") is pleased to announce that it filed its 3rd Quarter ("Q3") Financial Statements, Q3 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q3 trading performance ended September 30, 2012 (the "Q3 Filings") on November 29, 2012.

Management provides the following highlights:

  • Revenue increased from $1,329,564 reported for the 4 months ended December 31, 2011 to $15,076,297 for the 3 months ended September 30, 2012 reflecting the first contribution of the ePAY acquisition announced on July 13, 2012.


     
  • Net Loss for the 3 months ended September 30, 2012 was ($795,968) compared to ($2,327,362) for the 3 months ended June 30, 2012 and ($5,800,673) reported for the 4 months ended December 31, 2011.


     
  • Cash provided from operating activities for the 3 months ended September 30, 2012 was a positive $597,573.


     
  • Total Assets increased from $11,503,496 at December 31, 2012 to $23,652,646 at September 30, 2012 and Total Liabilities increased from $18,222,795 at December 31, 2012 to $24,520,087 at September 30, 2012 and Shareholders' Equity improved from ($6,719,299) to ($867,411).


     
  • Mint Electronic Payment Systems ("MEPS"), the Corporation's mobile airtime top up subsidiary, is included in the Corporation's results from July 22, 2012. Revenue was derived from 1,211 active POS at September 30, 2012. A further 1,550 POS are being deployed to merchant locations during December 2012 bringing the total active number of POS as at December 31, 2012 to 2,761.
     

"Our first month on month sales performance for MEPS delivered growth in all metrics demonstrating that this business unit is well on track to deliver on its expectations as announced in July 2012", said Mint President and CEO, Nabil Bader today.

  • Mint Capital, ("MCO") the Corporation's microfinance subsidiary, commenced operations and launched its personal loan product to cardholders of Mint Middle East in partnership with Mawarid Finance with first loan applications processed during September 2012. Loans will continue to be settled during the 3 months ending December 31, 2012 and beyond.


     
  • Mint Middle East, ("MME") the Corporation's payroll card subsidiary, reported a total of 416,029 cards issued of which 245,980 billed revenue at September 30, 2012 and continues to transition issued cards to billed revenue cards arising from new contracts secured during 2012. MME also won new contracts totaling 65,000 cards during October and November which will be issued by December 31, 2012.


     
  • Mint Global Processing, ("MGP"), the Corporation's transaction processing business, loaded 109,000 MME cards to its platform and continues to migrate MME's payroll cards from third party platforms to MGP's facilities.
     

"I am delighted to report that we have continuing strong growth in our underlying payroll card business, progress in the delivery of our transaction platform and now the launch of our microfinance business. We look forward to each of these businesses making contributions during 2013", said Chris R Hogg, Mint Executive Chairman.

  • Mint's business development work in Qatar, Saudi Arabia and Egypt continues with draft agreements in Saudi Arabia and Egypt continuing to be negotiated in both regions. Business activity is underway in Qatar and revenues will begin to be reported during Q1 in 2013. Business activity is expected to commence in the Kingdom of Saudi Arabia in the first quarter of 2013. The Egypt project business commencement date will be dependent upon final outcome of contract negotiations.


     
  • Mint's acquisition of the money transfer business, Speed Remit Worldwide ("Speed Remit"), remains in progress and there is an anticipated closing date of January 15, 2013.


     
  • Management expects to provide Consolidated Group 2013 Earnings guidance before January 31, 2013, once the Speed Remit acquisition is completed.
     

"My thanks to Nabil Bader and his team for staying the course and for the focus they continue to apply to our objective of becoming the leading provider of alternative financial services to the unbanked in the Middle East North Africa region by 2014", said Chris R Hogg.