RE:justmebird ... this is going to recover some tomorrow.duediligencedone, please do your due diligence on Mint. This puppy seems to be heading for bankruptcy. Did you read the NR? Answer that. I will post it again and highlight the areas of "grave" concern:
Mint Releases Business Update
Friday, August 02, 2013
Mint Releases Business Update
12:22 EDT Friday, August 02, 2013
TORONTO, ONTARIO--(Marketwired - Aug. 2, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company"), announced today that further to its announcements on January 21, 2013, April 9, 2013 and May 28, 2013, the Company would like to release the following business updates:
- Mint Middle East LLC ("MME")
At the end of Q2 2013, MME had 327,475 active cards of which 240,488 cards were actively generating revenue. The UAE market now has a lot of competition in this sector; MME will require a significant amount of additional capital to upgrade to a major payment card platform which would make Mint's card product more competitive. At this time such capital is not available. - Mint Capital LLC
Operations for the nine month old pilot program continue with no current default rate, however, unless further financing is secured, no new loans are planned at this time. - Mint Electronic Payment Systems LLC ("MEPS")
In Q2 MEPS completed its platform upgrade enabling the launch of upgraded terminals and technology across its entire retail channel. MEPS currently has approximately 800 Point of Sale ("POS") machines in circulation throughout Dubai and Abu Dhabi in the United Arab Emirates. Additional POS machines will be added to the network if further financing is secured. MEPS will also require additional working capital to support the growth of this business. - Mint Egypt ("ME")
Mint Egypt has suspended its previous engagement with PBDAC due to the current political situation. The company is evaluating whether it should continue its Egypt operations. - Financing
Mint continues to incur significant operational losses. The Board and Mint management team are working to streamline operations by finding cost saving opportunities to reduce its losses while continuing to seek long term sources of capital. However, Mint continues to require capital to funds its operations. Since June 5, 2013, the Company has received CAD$1,808,762 and USD$284,845 in secured bridge loans to help support its operations. The bridge loans are due and payable on November 30, 2013 and carry an interest rate of 24% per annum.
Mint Middle East LLC also received bridge financing between April 27, 2013 and June 5, 2013 in the amount of $1,095,000. $895,000 is due 125 calendar days from April 27th, 2013 and $200,000 is due 86 calendar days from June 5th, 2013. Interest on these bridge loans is 20% per annum calculated daily.
Mint continues to work on sourcing long term financing through "Series X". The terms with prospective investors are still being negotiated and there can be no assurance for the Series X financing to be completed at this time.
- AGM Results
All resolutions, including the share consolidation, were passed at the Annual General Meeting held on June 27, 2013.
- Board Changes
The Board of Directors is currently looking to increase the size of the board and add directors whose experience and understanding of financial services will benefit Mint.
GENERAL DISCLOSURE STATEMENT