Mint Announces Finalization of a Revised Egypt Contract & Appointment of New Chairman of Joint Venture in Egypt
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Toronto, Ontario - January 21, 2013 - Mint Technology Corp. (TSX Venture: MIT) ("Mint" or the "Company") is pleased to announce that further to the announcement on August 14, 2012, Mint is pleased to announce a revised business and investment structure for Mint's project in Egypt. Mint and ECARD (Egyptian Company for Agricultural and Rural Developments) have signed a Letter of Intent ("LOI") which is the culmination of a series of negotiations resulting in the previously announced MOU with Principle Bank for Development and Agricultural Credit ("PBDAC") being replaced by an incorporated joint venture company in partnership with ECARD.
The LOI confirms the intentions of Mint and ECARD, a wholly owned subsidiary of PBDAC to enter into the proposed Joint Venture Agreement ("JVA") with Mint Technology Corp and Mint Egypt ("Mint") to proceed with a cooperative project to develop an integrated prepaid card system for farmers throughout Egypt and to be followed by other projects and services in Egypt .
The Joint Venture shall be on the basis as set out in the JVA, the terms of which are already agreed and drafted into executable form including the incorporation of a new company with the name of "Mint ECARD JSC" with a 49% shareholding for Mint and 51% for ECARD and will have an initial authorized capital of $2,000,000 with issued & paid up capital of $200,000. Each shareholder will then contribute in proportion to their holdings all capital expenditure and operating expenditure necessary to design, build and manage the proposed prepaid card system and share profits accordingly. The joint venture will charge transaction fees for use of the prepaid card system.
The LOI confirms ECARD's intention to sign the JVA and any other documents necessary to give effect to this arrangement by 20 February 2013 subject to further legal and board review.
Mint also announces today the Board of Mint ECARD will comprise 7 Directors, 4 Mint appointees and 3 ECARD appointees with Mint responsible for all senior management roles. Mint also announces the agreement of His Excellency Major General Hasan Humaidah to act as Chairman of Mint ECARD JSC. His Excellency has served as Governor of the Provinces of Minya and then Minufiyah and previously as the Assistant Minister of Interior.
Mint President & CEO, Nabil Bader, said, "This signing today and the proposed JVA is the culmination of over 2 years of work in Egypt during turbulent times and marks a tremendous commitment by both ECARD, PBDAC and the Egyptian Government to improving the delivery of financial and other services to the rural sector and is another step towards to the successful implementation of our long term goal of becoming the leading provider of alternative financial services to the unbanked globally."
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. 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, including the risk that the Company may not receive all necessary approvals to
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proceed with those transactions. 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.
ABOUT MINT TECHNOLOGY CORP
Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.
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.
For additional information please visit www.mintinc.com or contact: Mint Technology Corp.
Nabil BaderNicole Souadda
President & CEOHead of Compliance and Investor Relations
Tel: +971 506457719Tel: 610-995-2655
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Source: TheNewsWire (Jan 21, 2013 15:21:00 EST)