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The Mint Corporation (MIT.V)
TSXV - TSXV Real Time Price. Currency in CAD
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be ready for the 50% drop next week , .015 low
any thoughts people ?
Customer Services for Mint Mobile are provided by a Call Center located in the Dominican Republic.
question, is this mint mobile the cellular service provider? I don't think so. I see talks of this being own by Ryan Reynolds but I don't think this company is related.
It was exciting to see a Mint Mobile TV ad on CNN today.
Let's hope it brings in more customers and the stock's price goes up.
It seems it's the only way can go. If it goes down, I will lose my investment and I will be living in a van, down by the river.
At a grocery store yesterday, I found a colorng book about Ryan Renolds for sale. it has a story about Aviation Gin, a company he owned, then sold at profit...
Not a word about his interest in Mint Mobile.
Open Letter to Ryan Reynolds,
What is an MVNO?
Your explanation to the the benefit of your investors would be helpful.
A bit less Actor's Ego to advertise and and more attention to the business end
of the mobile service provider that you lead would be appreciated.
Let's start with a lesson for us all: MVNO means Mobile Virtual Network Operator...
How does that compare to Virgin Mobile, for example?
Yes Canadian Actor Ryan Reynolds it appears, is the majority shareholder of Mint Mobile. Mint Mobile is an MVNO (Mobile Virtual Network Operator), basically meaning a major mobile player owns cell towers- "renting" usage to MVNOs. MVNOS buy discounted airtime, make ads to gain customers, and sell that airtime to those customers at a profit.
Reynolds found a market niche and humorous slant. Unlike Billionaires (like Richard Branson)he doesn't need go into space more than a dozen times a year..
Reynolds also claims to have sold his ownership of Aviation Gin to liquor industry Diageo. For a profit.
A very positive message from management , that clarified the changed status of MIT.
"As we navigate these turbulent times, we wanted to give you an update on how we believe The Mint Corporation (TSXV: MIT) ("Mint") is well positioned for 2020 and beyond. We would like to highlight several significant developments over the past few months and our current plans to further build our business.
New Majority Shareholder
At the end of December 2019, Global Business Services for Multimedia ("GBS"), Mint's business partner in the United Arab Emirates ("UAE"), became majority owner of Mint through its purchase of the Mint common shares formerly held by Gravitas Financial Inc. ("GFI"). Mint welcomed this development as it now brings a greater alignment and presents new opportunities to leverage the Mint UAE's technology platform for launching in North America.
Sale of Payroll Card Disbursement Business Provides Capital for Higher-Value Opportunities
In January 2020, Mint's subsidiaries Mint Middle East LLC and Mint Gateway for Electronic Payments LLC (collectively "Mint UAE") successfully entered into a transaction for the sale of Mint UAE's payroll card disbursement business (the "Sale") to a major international payments company. As we disclosed in our press release on February 4, 2020, Mint UAE received an initial cash payment of approximately C$29.5 million and has the potential to earn an additional performance-based cash payment of up to approximately C$7.1 million based on the success of the migration of the payroll card portfolio. Notably, Mint UAE retained all its intellectual property, its globally certified payment platform, customer relationships and the team to continue to execute on our business plan (other than the payroll card program manager business for which there is a three year non-compete agreement with the buyer).
Mint does not need to raise capital to fund Mint UAE
Prior to the Sale, Mint's primary use of capital was to provide funding to support the Mint UAE operations. With the conclusion of the Sale, Mint UAE is well capitalized to execute on its business plan to focus on higher value opportunities, and Mint does not anticipate having to provide further cash funding to support the Mint UAE operations. Based on public information of similar payroll card transactions, the Sale was conducted at a premium valuation. The successful exit of one of its product lines at a premium valuation validates the execution capability of the management team and demonstrates the significant value of Mint.
Current Financial Technology Capabilities
Mint today is a fintech enterprise with several notable strengths, including:
Seasoned and strong team with a track record of execution and creating value
Cash on hand to execute its business plan to build value
Mobile app enabled card management platform
Cloud-based merchant management services
Acquiring and payment gateway platform
Following the Sale and a review of opportunities to capitalize on Mint's technology, Mint intends to shift its strategic focus to launching merchant management services targeted at small business, mobile enabled prepaid card products such as multi-currency and general purpose prepaid cards integrated with a digital banking platform that can be offered both as a white label product offering for other banks and/or financial institutions, and as a service to personal and small business clients in partnership with licensed financial institutions in the UAE.
This digital banking platform, in conjunction with our card management, payment gateway and merchant management platforms, will round out Mint's technology across the full spectrum to service financial institutions, small business clients and personal customers. The initial focus will be on the UAE market, following which we intend to expand within the Gulf Region and into North America. Given the scope of the Mint technology now available and being developed, Mint has the flexibility to develop and focus on the unique needs of each market.
As always, we would like to thank our shareholders for your continued belief and support as we focus on providing excellent services to our customers and building value for all shareholders.
CEO - The Mint Corporation
for those of you that have no clue how a mobile provider works. a single cell site can run you around 500k to 1.5 million to put in or a small cell 50k to 300k for each one just because you put all this equipment in today it will take a year or 2 to recuperate from the purchase. that being said you stock buyers seller buyer seller causes the stock to fluctuate negative. you need to allow the company to re establish the balance sheet in the positive before it can stabilize and get over that cent rate to double digits and perhaps into triple digits. how do I know I helped create Verizon wireless infrastructure.
This new deal will allow MIT to be listed for trading. The sum being received is substantial. We can only hope that what the company is left with will be as successful.
"Mint Reaches Agreement to Divest Its Payroll Card Portfolio
Toronto, Ontario--(Newsfile Corp. - February 4, 2020) - The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") announces that its subsidiaries, Mint Middle East LLC and Mint Gateway for Electronic Payments LLC (collectively "Mint UAE") have entered into a binding asset purchase agreement dated January 16, 2020 (the "Agreement") to divest its direct payroll disbursement service business through its payroll card portfolio in the United Arab Emirates ("UAE") (the "Transaction") to a leading payroll disbursement and card provider in the UAE (the "Buyer"), a party arm's length to the Company and Mint UAE. Mint UAE will remain focused on payment card processing and prepaid card products across multiple verticals including gift, prepaid, multi-currency and other industry segments excluding payroll cards.
Pursuant to the terms of the Agreement, Mint UAE is entitled to receive aggregate net cash consideration of up to AED 102,750,000 (approximately C$36,600,000) (the "Purchase Price"), comprised of an initial payment of AED 82,750,000 (approximately C$29,500,000) (the "Initial Payment"), and a performance-based maximum additional cash payment of up to AED 20,000,000 (approximately C$7,100,000) based on the success of the migration of the card portfolio. Mint UAE has received the Initial Payment as a result of the satisfaction of certain conditions precedent to the Transaction, being the receipt of certain third-party consents and the completion by the Buyer of its diligence with respect to the business of Mint UAE.
The Agreement provides for a migration period of approximately nine months from the Closing Date and includes an obligation of Mint UAE to deliver a financial performance bank guarantee in connection with the Purchase Price and customary representations, warranties, indemnities and covenants typical for a transaction of this nature. In particular, the Agreement contains a three year non-compete clause specific to payroll card program manager business in the UAE by the Mint UAE companies, by Global Business Services for Multimedia ("GBS") the Company's principal shareholder and local UAE partner, and to Mr. Abdul Razzaq Al Abdullah in his personal capacity. GBS manages the operations of the Mint UAE companies pursuant to a management agreement with the Company which will continue subsequent to the completion of the Transaction.
The Transaction has received the consent of the holders of the Company's Series A debentures and is subject to approval by the TSX Venture Exchange pursuant to Policy 5.3 of the TSX Venture Corporate Finance Manual. Trading in the Company's shares will remain halted until the TSX Venture Exchange requirements to allow trading to resume are met. The Transaction may require approval of the shareholders of the Company.
Mint UAE has been consciously investing in digital solutions with aspirations to create a central omni-channel Digital Banking Platform to orchestrate customer interactions across multiple touchpoints. Mint UAE has been developing various services of the Platform including: digital on-boarding of customers, digital KYC (Know Your Customer), authentication, payment gateway solutions, and in-store digital solutions such as mPOS and virtual POS to unbanked merchants.
"Mint UAE's platform straddles the entire payment ecosystem of issuing, processing, payment gateway and merchant management services. This Transaction will enhance the financial position of the Company and complements the business strategy," states Vishy Karamadam, CEO of The Mint Corporation.
Mr. Abdulrazzaq Al Abdullah, representing GBS said: "What we are seeing in our time is unique - we are witnessing platformization. Globally, huge companies like Google and, Amazon have been winning because they don't merely provide products or services. Instead, they aggregate a range of products and services to create a digital-first platform that enriches people's lives. We are also witnessing consolidation of various financial institutions in the region. With time our business activities have grown immensely. Starting from being just a payroll service provider, we have become a multi-channel third party payment service provider offering issuing, acquiring and transaction processing services and continuing with the aggregation model to create a digital platform with a host of services. We would like to thank Mint UAE customers as this would not have been possible without their continued loyalty and support."
MINT- An undervalued stock with great prospects.
Mint as a stock is not in the radar of the big investors.
My evaluations are following
1. MINT escaped from the past hardships and struggles.
2. Redefined the business model
3. Moving fast by embracing technology as a financial service provider and fin-tech company
4. Developing a complimentary market by combining banking, payments, insurance, financial service.
5. Strategic in finding new markets for developing massive customer base- Middle East and Arab nations.
6. Eyeing new markets in South East Asia and Africa
7. Positioning as a strong competitor for VISA and MasterCard.
8. Cleared the massive debts, which was looming in the past.
9. Very active and dynamic management with strategic decisions.
10. Book value is increasing by extending the user base massively.
11. Experimenting new opportunities and exploring new territories.
12. Successfully done merging and acquisitions, more is expected in future.
Very soon, this stock will become the favorite of financial sector long-term investors.
Silently establishing and building the fundamentals for a global presence and growth
Latest move by management to increase the revenue stream
MIT) (OTCQB: MITJF) is pleased to announce the following letter to its shareholders:
We continue to expand our Mint eco-system and bring to the market mobile led, digital financial products to the underserved segments that we witness.
We are pleased to announce that Mint has extended its fintech platform beyond individual and corporate clients to underserved merchants & small businesses. With that platform extension, we intend to reinvent consumer & merchant experience by offering merchant management services and a payment gateway (both in store and online) in merchant categories which previously have had little or no online presence. We have witnessed a rapid proliferation of mobile led commerce in the UAE and intend to leverage our expertise in transitioning Mint into a pure-play fintech platform. We will bring digital financial inclusion to the underserved merchants on the back of a reliable and secure digital payments eco-system.
With the introduction of VAT in the UAE, there is a huge push by the UAE government for a cashless economy. Currently, approximately 75% of the transactions are via cash. This paradigm is slowly but surely changing in the UAE.
UAE is witnessing a rapid growth in small and medium enterprises (SME's). There are approximately 350,000 SME's in UAE. This sector employs over 70% of the country's population according to Department of Economic Development - Government of Dubai.
We intend to look at specific merchant SME opportunities to offer digital and online capabilities in the UAE, starting with grocery and boutique luxury, supported by a secure and a fully functional payment gateway.
As we continue to evolve and extend our fintech platform, we will update our shareholders on upcoming plans and milestones.
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.
This PR gives me hope that MIT will be in a better position once the sale of shares held by Gravitas is completed.
") ("Mint") announces that it has entered into a participation agreement dated June 4, 2019 with the majority holders of secured debt in Gravitas Financial Inc. ("Gravitas") and Mint. In so doing, Mint has agreed to support a solicitation process which could result in a change in ownership or control of the Mint shares now owned by Gravitas and other shareholders of Mint and/or the debt now owing by Mint to Gravitas. The solicitation process could also result in restructuring proposals for consideration by Mint.
A target date of June 21, 2019 has been set for the selection of successful bids under the solicitation process, which Mint anticipates will lead to additional funding required by Mint to develop its business.
Gravitas owns approximately 53% of the shares in Mint on a non-diluted basis.
WELL< Not sure how shareholders will be treated by new management. Perhaps new management will be more successful.
("Mint" or the "Company") announced, on June 5, 2019, that it had agreed to support a solicitation process which could result in a change in ownership or control of the Mint shares now owned by Gravitas Financial Inc. (CSE: GFI) ("Gravitas") and other shareholders of Mint and/or debt now owing by Mint. Gravitas owns approximately 53% of the shares in Mint on a non-diluted basis.
On August 22, 2019, Gravitas announced that it had entered into a non-binding letter of intent with Global Business Services for Multimedia ("GBS") and Mobile Telecom Group LLC ("MTG" and together with GBS, the "Buyers") which sets out the key terms pursuant to which the Buyers will acquire Gravitas' shares of Mint as well as Gravitas' interest in certain outstanding loans and other indebtedness (the "Proposed Transaction"). The letter of intent further contemplates that the Buyers will also be acquiring the outstanding debentures of Mint owing to third parties (the "Debentures"). As at March 31, 2019, the total amount of debt owed by Mint to Gravitas (the "Gravitas Loans"), including principal and interest, was approximately $5.1 million and as at the date hereof, the aggregate principal amount of the Debentures is $20 million. We have been informed by Gravitas that the purchase price to be paid for the sale of the shares, the Gravitas Loans and Debentures is expected to be less than the aggregate total sum of the Gravitas Loans and the principal amount of Debentures. The Proposed Transaction is subject to prior approval by the TSX Venture Exchange.
Mint operates primarily through its subsidiaries in the UAE. In 2015, Mint entered into a management agreement with GBS under which GBS assumed oversight of the day-to-day operations of Mint's UAE operations. GBS holds a 49% interest in Mint Middle East Ltd. (formerly, Mint Middle East LLC) and Mint Gateway for Electronic Payment Services. GBS has advanced funding to Mint's UAE operations to meet capital requirements and provide working capital.
GBS is a private company headquartered in the United Arab Emirates. We have been informed by GBS that it's owner is Naser Ali Husain Ali Almaira. GBS describes itself as one of the leading, dynamic and progressive technology-oriented business groups in the Middle East for the past 25 years. GBS was established in Abu Dhabi with subsidiaries in other Gulf Cooperation Counsel countries and Egypt. GBS was founded to invest and to manage entities in telecommunications, financial services, broadcasting, film and audio-visual production, and events management.
MTG is also a private company headquartered in the United Arab Emirates. MTG is an affiliate of GBS. MTG describes itself as a provider of innovative enhanced television content and applications including text streaming, bulletin boards, chatting, gaming, voting and polling, sweepstakes, quizzes, MMS to TV, TV to MMS, automatic scheduling and play-list editing, and market analysis and Customer Related Management (CRM) tools. MSG also offers a sophisticated messaging system that allows businesses to send targeted SMS messages from any PC or browser-related terminal to there customer, either in bulk messaging or personal messages.
"We are pleased that Gravitas has entered into the non-binding letter of intent with GBS. GBS has been a long-term strategic partner of Mint in the UAE and helped in the restructuring and scaling up our Middle East operations over the years. We look forward to working with them closely in the future and believe their involvement will help in enhancing shareholder value." - states Vishy Karamadam, CEO of The Mint Corporation.
On July 12, 2019, Mint announced that it had implemented a deferred compensation plan (the "Plan") under which $140,832 of bonus compensation had been allocated. Under the Plan, service providers agreed to work at a reduced cash rate in return for bonus compensation which is (i) deferred, (ii) convertible into common shares of Mint at the election of Mint or the service provider, and (iii) otherwise payable in cash. All of the bonus compensation has now vested and is convertible into common shares of Mint at a price of $0.05 per share. The Plan and the issuance of common shares under the Plan is subject to TSX Venture Exchange approval and will likely be subject to disinterested shareholder approval.
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,
Thought this stock might move since it's getting into crypto...
this foreign stock sits stagnant just like the day traders. they constantly stop sales trades etc... I have had a purchase in over 3 months 46550 shares contacted my brokerage now they say they are filling round bids. ok 47000 round enough only 53 filled 9 months back they filled 100% as it was coming in. how is it that celebrities get them filled? they shared that info on CBS Morning. they are as bad as the hedgers. we all should have the same right to trade.
News. It looks like a good addition to the board. Not sure why there was such a long halt.
" ("Mint" or the "Company") wishes to announce that Mr. Neil Gilday has resigned his position as a director of Mint effective January 11, 2020. "On behalf of the board, I thank Neil for his contribution and wish him all the best in the future," said Vishy Karamadam, CEO of Mint.
Mint is pleased to announce that Mr. Firas Al Fraih, a senior officer and director of Global Business Services for Multimedia ("GBS") and Mobile Telecommunication Group LLC ("MTG") (the new majority shareholders of Mint) has joined as a director of the Company as of January 11, 2020. "On behalf of the board of directors and shareholders, we welcome Firas to our board and look forward to working closely with him as Mint is looking to regain growth momentum. Firas joining the board shows the commitment of GBS to Mint," said Vishy Karamadam, CEO of Mint.
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, United Arab Emirates. Through its mobile-enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to merchants and consumers."
A welcome letter from management that should give confidence to shareholders re the new controlling entities of the company.
" The Mint Corporation (TSXV: MIT) ("Mint" or the "Company") today released the following letter to shareholders.
Mint management feels that it is important to provide shareholders with further clarity on the press release issued on Sept 27, 2019 titled "Mint Announces a Definitive Share Purchase Agreement and Interim Funding Agreement". The transaction described in the above-mentioned press release (the "Proposed Transaction") was an outcome of a Sales and Investment Solicitation Process (SISP) that was undertaken by the majority shareholder of Mint and managed by external advisors. Mint supported the SISP process as first disclosed in a press release dated June 5th, 2019.
This potential change in Mint's significant stakeholder was a consuming exercise for Mint's management team. Throughout the SISP process, Mint was able to ensure that the current business continued to perform while certain new initiatives were delayed until the SISP process was completed.
Management believes that the Proposed Transaction is the best outcome from the SISP process. A Share Purchase Agreement has been signed which, upon closing, will result in the tractor of the majority ownership in Mint to Global Business Services for Multimedia ("GBS"), a long-standing partner of Mint in the UAE, and it's affiliate, Mobile Telecommunication Group LLC ("MTG" and together with GBS, the "Purchasers"). The Purchasers will acquire certain equity and indebtedness, as described in the press release issued on September 27, 2019, for an aggregate purchase price of $6,590,000, showing there continued commitment and belief in the value of the business, which is represented by Mint. The Proposed Transaction includes an interim funding agreement to support the business through to closing or termination of the Proposed Transaction.
Mint management views the Proposed Transaction as beneficial to advance Mint's business in the UAE. The greater alignment with our partner GBS may also open new possibilities for Mint, including the offering of it's globally certified technology stack in Canada and the Americas.
Mint management believes that, once completed, the Proposed Transaction will remove the uncertainty now surrounding the Company's ownership and will lead to better prospects for the Company."
This company uses Mint Mobile in its operations so it would seem to benefit both companies in their growth.
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