CRO Canadian Arrow Mines Ltd. (delisted)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

The Mint Corporation (TSX VENTURE:MIT) ("Mint") announced today that it would
like to release the following business updates:




--  New Management and Board Positions
    
    Randy Koroll has been appointed a Director of Mint. Mr.Koroll has over
    25 years of high level experience in the accounting sector. He is
    currently serving as a Chief Financial Officer of Star Navigation
    Systems Group Ltd. (TSX:SNA) and has served as a Chief Financial Officer
    for various publicly traded companies since 2005 as well as private
    companies since 2001. He has served on the Board and Audit committee of
    a publicly traded mining company and has participated in the launching
    of 9 companies on the TSX-V through its CPC program since January 2006.
    In addition, he has also been a speaker for the TSX-V in their seminar
    series "How to Manage a Public Company" as a public company CFO.
    
    Pierre Gagnon has been appointed Chief Restructuring Officer ("CRO") of
    Mint based in Dubai, UAE. As CRO, Pierre will have the authority to
    negotiate with all stakeholders including employees, partners, investors
    and creditors. Pierre, will also have authority over any expenses
    incurred by the company and will identify and implement cost savings
    opportunities in the organization. Pierre will prepare a business plan
    and a funding plan to position the company for future growth and seek
    board approval and support from investors. Mr. Gagnon studied Commerce
    at the University of Toronto and is an Associate of the Institute of
    Canadian Bankers. In 1988, he joined Brukar Inc., a manufacturer of
    industrial components for the food equipment industry as president. Mr.
    Gagnon is currently managing director of Chancery Investments Inc., an
    investment company. He is a director of publicly listed Altitude
    Resources Inc., Baymount Incorporated, DealNet Capital Corp., Spruce
    Ridge Resources Limited and Triumph Ventures II Inc., as well as a
    number of private companies. He is an advisor to The Succession Fund and
    Shotgun Fund, two private equity funds. 
    
    Mint welcomes both gentlemen to the Mint team and looks forward to
    working with them towards the growth of Mint's future successes. 
    
    
--  Financing Update
    
    Between August 28, 2013 and September 20, 2013, Mint closed on the
    financing of CAD$168,495 and USD$72,180.04 in the form of multiple
    secured bridge loans due on November 30, 2013. The bridge loans bear an
    interest rate of 24% per annum compounded monthly. Funds were used for
    specific third-party vendor payments. On October 9, 2013, the
    Company received further bridge financing in the amount of CAD$650,000
    with identical terms to the above loans. The lender was a related party
    of Mint because Vishy Karamadam is a director of that lender and a
    director of Mint. As a consequence, the loans are related party
    transactions under Mulitlateral Instrument 61-101. A material change
    report was filed less than 21 days before the loans because of the
    pressing need for funding by Mint.
    
    The Company continues to operate at a loss. Currently, no long term
    funding sources have been secured but Mint is continuing to work on
    finding investors for both equity and debt offerings. With the
    appointment of Mr. Gagnon as CRO, the Company will spend the next 3 - 6
    months heavily focused on reducing operational costs and increasing
    revenue in the core business. This process has already begun with the
    closing of the US office. The landlord for the US office space has filed
    a judgment for non-payment of rent and the Company is currently in
    discussions to rectify this situation. 
    
    The Company is currently in arrears on various debenture interest
    payments. The specific arrears are Series V in the amount of
    CAD$83,089.57 which was due on August 8, 2013, Series IV in the amount
    of $52,469.11 which was due on August 13, 2013, Series VI in the amount
    of US$9,163.47 which was due on September 30, 2013 and Series VII in the
    amount of CAD$186,469.97. 
    
    Mint is currently 3 months behind in payments for some of its employees.
    Funds from the last bridge loan will be used to pay some of these
    overdue payments.



GENERAL DISCLOSURE STATEMENT

Investors are encouraged to read the Management Discussion and Analysis
Documents filed on SEDAR for a description of additional risks associated with
investing in The Mint Corporation. The following statement is only intended to
inform investors on certain of the many risks associated with investing in The
Mint Corporation (the "Company"). The Company operates predominantly in the
Middle East and North Africa ("MENA"). It is accordingly exposed to significant
political, legal and regulatory risks associated with operating in these
emerging and volatile markets. The key management personnel and operations of
the Company are based in countries which do not have strong and reliable
judicial enforcement. This results directly in additional risk with respect to
the enforcement of legal and contractual rights, including, for example but
without limitation, the enforcement of the rights of creditors, the protection
of intellectual property rights, the enforcement of joint venture arrangements,
and binding key employees with non-compete agreements. Since inception, the
Company has not reached profitability. The Company relies heavily on high-cost,
debt financing to fund its business plan. This has exposed the Company to unique
financial risks associated with significantly higher than normal debt levels.
Investors in the company are strongly encouraged to be aware of the significant
risks of the company, to conduct additional due diligence and to seek the help
of a licensed investment advisor before considering to invest in securities of
the Company. Moreover, investors must be aware that the purchase of the
Company's securities involves a number of additional significant risks and
uncertainties, as disclosed in the Management Discussion and Analysis reports
filed on SEDAR by the Company. Investors considering purchasing securities of
the Company should be able to bear the economic risk of total loss of such
investment.


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 MEPS, a
mobile airtime POS and Merchant network solutions business.


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.

FOR FURTHER INFORMATION PLEASE CONTACT: 
The Mint Corporation
Nabil Bader
President & CEO
+971 506457719
nbader@mintinc.com


The Mint Corporation
Nicole Souadda
Head of Compliance and Investor Relations
610-995-2655
nsouadda@mintinc.com
www.mintinc.com

Canadian Arrow Mines Limited (TSXV:CRO)
Historical Stock Chart
From Jun 2024 to Jul 2024

Canadian Arrow Mines Limited (TSXV:CRO)
Historical Stock Chart
From Jul 2023 to Jul 2024