TORONTO, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Gravitas Financial Inc. (CSE: GFI) (“Gravitas” or the “Company”), is pleased to announce that The Mint Corporation (TSX-V:MIT) (“Mint”) has filed second quarter results with a substantial gain for the period ending Jun 30, 2018.
On May 31, 2018, Mint announced, along with Gravitas, that it had completed the restructuring of its Series A and Series C debentures, resulting in a debt reduction of approximately $39 million. As a result of that restructuring, Mint has recognized a gain of $46,158,564 in its financial statements and Mint has substantially strengthened its balance sheet. The decision by one of Mint’s largest stakeholders to swap debt for equity was a great vote of confidence in Mint’s business outlook and growth prospects.
The financial statements also reflect a favourable decision concerning the recognition of HST input tax credits. Canada Revenue Agency initially refused input tax credits claimed by Mint in respect of expenses incurred in the course of providing management services to Mint’s UAE companies. Mint went through an extensive appeal process and in May 2018 the government agreed that Mint’s appeal should be allowed. This will also assist Mint with HST claims going forward. Mint expects to receive $690,160 in respect of HST claims previously written off.
Vikas Ranjan, President of Gravitas Financial stated, “We are pleased that this debt conversion has formally concluded and is now reflected in the financial statements of Mint Corp. This development significantly strengthens Mint’s balance sheet. We believe Mint is now well positioned to leverage their strong technology platform and captive cardholder base of over 400,000 customers to accelerate business growth.”
ABOUT GRAVITAS FINANCIAL INC.
Gravitas is an investment holding and merchant banking firm with a focus on financial services, financial technology and mining verticals. It has an active presence in North America, as well as in the fast-growing international regions including China, India and the Middle East. Gravitas seeks to make strategic investments in high quality and well-managed wealth management, financial technology and mining companies and aims to generate significant shareholder value through the growth in its investments.
ABOUT THE MINT CORPORATION
The Mint Corporation (TSXV: MIT), 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 (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint Group processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions and the Mint Group community consists of approximately 400,000+ cardholders. Mint Group’s clients include some of the leading blue-chip companies in the UAE.
Mint Group provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint Group community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, where their salaries are deposited. This mobile wallet effectively becomes the employee’s bank account.
Mint Group intends to offer (subject to regulatory approval) a comprehensive suite of services through the mobile wallet, including remittance, overdraft, loans, mobile phone top-up, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Brent Somerville, Investor Relations, Gravitas Financial Inc.
Email: brent@gravitasfinancial.com
Tel: 647-846-4105
Vikas Ranjan, President, Gravitas Financial Inc.
Tel: 647-252-1674