Mint Corp V.MIT

Alternate Symbol(s): MITJF

Technology Computer Systems

The Mint Corporation, through its subsidiaries, is a globally certified payments company. The Company is focused on offering financial services to the unbanked salaried worker in the United Arab Emirates (UAE). The Company provides employers with payroll cards for their unbanked employees. It offers employers scalable, flexible and payroll card management solutions through its globally certified payments platform. It also focuses on facilitating payroll disbursement for unbanked workers, employees not qualified for traditional bank accounts. Its UAE operations comprise five entities, including Mint Middle East LLC (MME), Mint Electronic Payment Services Ltd (MEPS), Mint Capital LLC (MCO), Mint Gateway for Electronic Payment Services (MGEPS) and Hafed Holding (Hafed). MME is a payroll card services provider facilitating an automated and secure payroll system to employers in the UAE. Its UAE operations payroll cards and mobile app are branded under the Hafed name.

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Mint Corp

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Comment by coolbeon Jan 02, 2012 5:34pm

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Post# 19364336

RE: Jordan Bank Deal

2011
In February 2011, the Corporation announced that the Corporations Middle East subsidiary, Mint Middle East LLC, signed a Memorandum of Understanding to establish a Joint Venture with Sadad LLC to provide on an exclusive basis an advanced bill and utility payment system platform to be deployed in Jordan.

Update: This Joint Venture has failed to deliver any meaningful opportunities and has been terminated without cost to the Corporation.

EBITDA fell from $77,130 in Q2 2011 to ($144,404) in Q3 2011. This was primarily due to one-time expenses associated with the setting up of a Joint Venture in Jordan which was subsequently terminated, costs involved in having a series of investor road shows in the Middle East region and one-time costs involved with moving to a larger office as a result of the expanding operations.

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