Mobile payment solutions company Mint Wireless (ASX:MNW) has arranged to sell its technology distribution subsidiary, Mint Technology, for $1 million.
Mint Wireless on Friday announced plans to sell the business to Hong Kong-based Speed Channel Limited, handing over its inventory and direct staff.
Announcing the sale, Mint said the business is not considered core to its operations, and the sale will allow the company to focus its efforts on its mobile and microtransaction operations.
The proceeds from the transaction will be put towards developing these operations.
As a result of the sale, Andrew Teoh — brother of Mint Wireless CEO Alex Teoh — will now turn his attention back to Mint's transactions businesses in Australia and New Zealand.
Mint first announced plans to pursue a sale of the business late last month.
The company recently launched its Intermoni business, which concentrates on providing mobile credit recharge and microtransaction services for the unbanked in emerging markets.
Mint Wireless reported a net loss of $2.3 million in FY11 — compared to a $1.9 million loss the year before – from revenue of $11.7 million.
MNW shares stayed flat on Friday at $0.082.