Mint Receives TSX Venture Exchange Conditional Approval of Previously Announced Disposition by Mint UAE Subsidiaries of Payroll Disbursement Service Business
Toronto, Ontario--(Newsfile Corp. - April 24, 2020) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") today announced that it has received conditional approval from the TSX Venture Exchange (the "TSXV") of the sale by the Company's subsidiaries, Mint Middle East LLC and Mint Gateway for Electronic Payments LLC (collectively "Mint UAE") of Mint UAE's direct payroll disbursement service business in the United Arab Emirates (the "Transaction"). The Transaction was announced by Mint in a press release issued on February 4, 2020.
The TSXV has determined that the Transaction constitutes a sale of more than 50% of Mint's assets, business or undertaking, as defined under Policy 5.3 of the TSXV Corporate Finance Manual. Final approval of the Transaction by the TSXV remains subject to a number of conditions including receipt by the Company of the written consent of the holders of more than 50% of the issued and outstanding common shares of the Company.
The Company intends to obtain the required written consent for the Transaction from Global Business Services for Multimedia ("GBS"), the holder of approximately 56% of the Company's issued and outstanding common shares. Trading in the Company's shares will remain halted until the TSXV conditions to allow trading to resume have been satisfied.
The Mint Corporation through its majority-owned subsidiaries (the "Mint Group"), is a globally certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance and, in certain cases, can be identified by the use of words such as "estimated" "intends", "plans", "expects", "anticipates", or variations of such words and phrases as statements that certain actions, events or results "may", "can", will", "might", "shall", "would" occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include obtaining the written consent for the Transaction from GBS and that trading in the Company's shares will remain halted until the TSXV conditions to allow trading to resume have been satisfied . All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the severity, duration and effects of the COVID-19 pandemic, GBS providing written consent for the Transaction and the Company satisfying the conditions for final TSXV approval of the Transaction and the conditions allow trading of Mint common shares to resume. 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. These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time-to-time in Mint's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. These forward-looking statements are made as of the date of this news release and Mint disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
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
The Mint Corporation
Vishy Karamadam, Chief Executive Officer
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54877