Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

August 27, 2010 14:01 ET

Mint Announces New Client Contract No 850 Signed and Provides Q4 and 2011 Earnings Guidance

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) (Corporation) announced today that the Corporations Middle East business unit, Mint Middle East/Waseela recently signed its 850th client contract.

Mint Middle East CEO, Mr. Nabil Bader said today, "It was May this year that we passed the 200th client contract mark and only last month in July, the 400th mark so the rate of client acquisition is now increasing quite exponentially. We look forward to the launch of our business in Saudi Arabia and also new markets that we expect to grow into throughout the Gulf region over the next 12 months".

Mint Technology Corp CEO, Chris Hogg, said "We have real forward momentum in the business now and our plans for the Emerging Markets next Fiscal period are beginning to take shape and will include both regional expansion ( Saudi Arabia, Jordon and other GCC countries) and new product development (Money Transfer, Microfinance and MasterCard ). There is over a Trillion dollars of Infrastructure investment announced for this region over the next 20 years and the deployment of unbanked foreign workers to build this out is the space Mint seeks to dominate"

Mint will announce its Q4 results on September 30 which will feature on a consolidated basis the following:
  • Consolidated Recurrent revenues now exceed C$ 260,000 per month and are growing at between 5% and 10% per month
  • Q4 (to 31 August 2010) will show EBITDA (cash) breakeven for the Group arising from the increasing revenues from the Middle East business unit and cost cutting in the Canadian business
  • Fiscal 2011 guidance is Consolidated Revenues of >C$8,000,000 and an EBITDA (excluding Minority interests in the Subsidiary businesses) in a range of C$2,400,000 – C$2,750,000.

Mint will now provide mid quarter guidance as to quarterly and fiscal performance progress commencing in September 2010.

ABOUT MINT TECHNOLOGY CORP

Mint Technology Corp. is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. Mint also provides services for those clients looking to move towards 'next generation' payment methods that include chip, internet, data mining and mobile phone load and remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT on the TSX Venture Exchange.

Forward-looking Statements.

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the forecast concerning increases in revenue and improving EBITDA performance. 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, should not be read as guarantees of future performance or results, and will not necessarily by 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, delays in rolling out card programs, the ability of Mint to obtain financing and terms of any financing, the possibility of technical, logistical or planning issues in connection with deployment of Mint's products and solutions, the demand for Mint's products failing to occur, and other factors discussed in Mint's MD&A filed on SEDAR. 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 new release, Mint cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release.

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.

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