Mint Option Exercise
MIT.V
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, Ontario - November 1, 2012 - Mint Technology Corp. (TSX-V: MIT) ("Mint") announced today that it has exchanged correspondence with the TSX Venture Exchange (the "Exchange") concerning the exercise of stock options.
In September 2010, the Corporation accepted the exercise of stock options to purchase 4,065,600 common shares at $0.125 each by set-off against salaries sacrificed by 4 individuals to assist the Corporation in preserving cash. This was disclosed in the financial statements of Mint for the year ended August 31, 2010 and for the year ended August 31, 2011. The Exchange has advised the Corporation that options must be exercised for cash and that the issuance of shares under the salary sacrifice program should have been structured as a shares-for-debt issuance. Mint has applied for approval to issue the 4,065,600 common shares under the shares-for-debt policy of the Exchange. The Exchange has approved that issuance subject to Mint receiving disinterested shareholder approval at its next annual meeting. Mint has cancelled 1,005,600 shares issued under the salary sacrifice program and will re-issue those shares if disinterested shareholder approval is obtained.
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 holding of the annual meeting and the receipt of disinterested shareholder approval at the meeting. 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 disinterested shareholder approval may not be obtained. 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 a 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 | |President & CEO |Head of Compliance and Investor Relations| |Tel: +971 506457719 |Tel: 610-995-2655 | |[email protected] |[email protected] | ----------------------------------------------------------------