For Immediate Release
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto January 22, 2014 - Mint Technology Corp. ("Mint" or the "Company") (TSX V: MIT) and Speed Remit Group of Companies ("Speed Remit") - announce, further to Mint's press release dated August 20, 2012 in connection with the proposed acquisition of Speed Remit through Mint's wholly-owned subsidiary, Mint Finance Inc. (the "Acquisition"), that the owners of Speed Remit have terminated the Share Purchase Agreement dated August 18, 2012 (the "Agreement"). The Agreement was terminated as Mint is continuing to work on its proposed prospectus financing announced on September 11, 2012 in connection with a public offering (the "Offering").
Mint has paid $300,000 as a deposit to the vendors and $300,000 to Speed Remit UK for working capital, in each case, as non-refundable sums and on a non-recourse basis, notwithstanding any future business dealings between Mint and the Speed Remit. Those funds have been retained by the vendors and Speed Remit UK in accordance with the Agreement.
Nabil Bader, Chief Executive Officer of Mint commented that, "Speed Remit is an excellent company and remains a very attractive business in light of its money transfer licenses and interests in North America, Western Europe, the Middle East and Asia and its business fits well within the long-term business plans of Mint in the Middle East".
Chris Hogg, Executive Chairman of Mint, further commented, "The vendors of Speed Remit have been very co-operative throughout this process and Mint looks forward to potentially re-engaging in discussions with them in the near future".
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. 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 SPEED REMIT GROUP OF COMPANIES
Speed Remit Worldwide is a Financial Service Authority (FSA) regulated, ISO 9001:2008 certified remittance company based in the United Kingdom and the UAE with money transfer licenses and interests in the US, United Kingdom, Australia, Canada, Hong Kong, and Kuwait. As an International Money Transfer company, Speed Remit has earned trust and confidence of its customers over the past few years. Speed Remit presently has a network of 60,000+ payment points across 95+ countries with over 2 Million customers. Speed Remit is one of few companies in this industry to achieve this in such a short span of time. Speed Remit Worldwide Ltd is a UK based Money Transfer Company, licensed under HMRC since 2004, and regulated by FSA (Financial Services Authority), having its corporate office in United Kingdom. Speed Remit has 11 offices in other countries covering 5 continents. The Company has acquired the SWIFT membership to take the Money Transfer Business to higher levels and recently tied up with one of the leading Mobile Service Providers for Mobile Money Transfer facility.
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 Bader |Nicole Souadda Head of Compliance and|
|President & CEO Tel:|Investor Relations Tel: 610-995-2655 |
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