TORONTO, ONTARIO--(Marketwired - May 30, 2013) -
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Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) announced today that it filed its 2013 1st Quarter ("Q1") Financial Statements, Q1 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q1 trading performance ended March 31, 2013 (the "Q1 Filings") on May 30, 2013.
Total Revenue from operations was $1,138,520 for the quarter ended March 31, 2013, up from $937,760 for the quarter ended March 31, 2012 (+21%). While this increase is pleasing it should be noted that the Company's mobile top up voucher business MEPS was inactive from February 26 to May 2, 2013 due to a major upgrade in the technology platform which is now complete and back online. The Company's microfinance subsidiary Mint Capital is yet to reach full deployment pending financing facilities being finalized.
Total expenses were $4,131,382 of which expenses attributable to the Operating Businesses were $1,759,775.
Comprehensive Net Loss attributable to continuing businesses for the three months ended March 31, 2013 was ($2,992,862) which included a Loss of ($2,371,607) derived from the Corporate costs and Non UAE activities of the Company and compared to ($3,086,551) for the three months ended March 31, 2012.
Cash totaled $1,157,534 at March 31, 2013 up from $632,761 (+83%) for the period ended March 31, 2012.
The Corporation presents a reconciliation of Earnings before Interest, Tax, Depreciation and Amortization:
| Group Comprehensive Loss for the Period | $ | (2,992,862 | ) |
| Add Back Interest, Tax, Depreciation, Amortization Interest and Accretion | $ | 945,990 | |
| Tax | 0 | ||
| Depreciation | $ | 97,462 | |
| Amortization | $ | 202,818 | |
| EBITDA | $ | (1,746,592 | ) |
| Non-Cash Items | |||
| Derivative Warrant Liability | $ | 199,032 | |
| Total Non-Cash Items | $ | 199,032 | |
| Adjusted EBITDA (after Non-cash items) | $ | (1,945,624 | ) |
Mint's CEO Nabil Bader said today, "I am fully aware as the President & CEO that the delivery of positive results is the ultimate measuring stick of any company. Our people, our products and our partnerships in the region in which we operate are 'best of breed'. We have invested significant sums to create this platform and now, with the continuing support of our shareholders and financiers as recently announced, it is time to capitalize on these assets."
Mint's Chairman, Chris Hogg, said, "We believe an important measure in delivering shareholder value is a company's ability to continuously improve, retain and add customers and build new partnerships. We have a strong base now in UAE, Qatar, Saudi Arabia, Egypt and developing projects in other MENA countries as well as having launched a pilot program and built the infrastructure and support for our microfinance product. We are adding 8,000 new cards onto our Mint Middle East platform per month and adding 500 merchants per month to our Mint Electronic Payments System platform. We have two new partnerships with SAIB in Saudi Arabia and ECARD in Egypt. We are confident these accomplishments will deliver the positive results we are looking for in the following fiscal quarters."
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the expected improving operating 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 reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. 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 98 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.
