Toronto, Ontario--(Newsfile Corp. - May 27, 2020) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") today provided an update in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (the "Blanket Exemption Order"), which was adopted for the purpose of providing certain filing and other relief to issuers in light of the challenges posted by the COVID-19 pandemic, with respect to the filing and delivery of certain of its continuous disclosure documents.
Further to the Company's press release dated April 14, 2020, the Company will continue to rely on the Blanket Exemption Order in delaying (i) the filing of its annual financial statements and related management discussion and analysis for the year ended December 31, 2019 (collectively the "Required Annual Filings"), and (ii) compliance with the delivery requirements of applicable securities laws relating to the Required Annual Filings. The Company currently intends to make the Required Annual Filings by June 15, 2020.
In addition, the Company is relying on the Blanket Exemption Order in delaying (i) the filing of its interim financial statements and related management discussion and analysis for the three month period ended March 31, 2020 (collectively the "Required Quarterly Filings"), and (ii) compliance with the delivery requirements of applicable securities laws relating to the Required Quarterly Filings. The officers and directors of the Company and certain other persons will remain subject to a trading black-out pursuant to which such persons are prohibited from trading in any securities of the Company until the end of the second full trading day following the day on which the Required Quarterly Filings are filed on SEDAR and a corresponding news release is issued by the Company.
The Company currently intends to make the Required Quarterly Filings by July 15, 2020.
Since the press release dated April 14, 2020 announcing the delay of the Required Annual Filings, the Company has disclosed by way of news release or filings on SEDAR, the following significant business developments:
- On May 15, 2020, Mint announced that it had received final 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"). TSXV conditional approval of the Transaction was announced by Mint in a press release issued on April 24, 2020.
- On May 19, 2020, the Company's shares resumed trading on the TSXV.
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 the timing of filing the Required Annual Filings and the Required Quarterly Filings. 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 and the ability of the Company and its advisors to complete the Required Annual Filings and the Required Quarterly Filings in a timely manner. 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.
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.
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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