SOURCE: Mint Technology Corp.

January 18, 2008 15:21 ET

Mint Announces Commencement of a Lawsuit Against Certain Former Officers and Directors

TORONTO, ON--(Marketwire - January 18, 2008) - Mint Technology Corp (TSX-V: MIT) ("Mint" or the "Company") announced today that a lawsuit has been commenced by the Company in the Ontario Superior Court of Justice against certain of its former officers and directors, Robert Elensky and Dean Thrasher, and certain companies alleged to be related to them. The Statement of Claim issued alleges that Messrs. Elensky and Thrasher breached their fiduciaries duties to the Company and participated in a fraudulent scheme by improperly diverting more than $450,000 in assets belonging to the Company to corporations owned or controlled by Messrs. Elensky and Thrasher. The Statement of Claim issued further alleges that Mr. Elensky made various false expense claims totaling $150,000. The Company is seeking to recover the diverted amounts, the improper expense claims, plus legal costs and damages.

About Mint: Through its wholly owned subsidiaries, Mint is a leading payment solutions company. With its payment platform and prepaid credit card programs, Mint is the first in Canada to facilitate and deploy prepaid credit cards with unique features such as co-branding and loyalty programs, and new wireless payment alternatives such as contactless functionality. The company is headquartered in Toronto, Ontario. Mint's common shares are listed on the TSX Venture Exchange under the symbol MIT. For more information, visit our website at www.mint-technology.ca.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. These statements concern anticipated future events, results, circumstances, performance or expectations that are not historical facts. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that can affect our actual results and could cause our actual results to differ materially from those expressed or implied in any forward-looking statement made by us or on our behalf. These statements are made as of the date of this release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information please contact:
    Mike Forzley, CA
    Chief Financial Officer
    Mint Technology Corp.
    Tel: 416.581.0001 x243
    Fax: 416.581.1527
    Email Contact