Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

April 29, 2010 10:02 ET

Mint Announces Second Quarterly Results and Market Guidance

TORONTO, ONTARIO--(Marketwire - April 29, 2010) -

NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Mint Technology Corp. (TSX VENTURE:MIT) announced today the release of its second quarterly results and Management Discussion and Analysis Report for the period December 1, 2009 – February 28, 2010. The features of this announcement include:

PERFORMANCE IMPROVES

  • Revenue for the quarter ended February 28, 2010, (Q2) was $1,330,493 up from $180,323 for the quarter ended February 28, 2009 (+738%)

  • Revenue for the quarter ended February 28, 2010 (Q2) from continuing operations alone of $580,493 was up from $363,299 (+63%) compared to the quarter ended November 30 2009 (Q1)

  • Net income (loss) for the quarter ended February 28, 2010 (Q2) of ($771,454) was improved from ($1,579,706) (+ 51%) compared to the quarter ended November 30 2009 (Q1)

  • Cash and short term deposits totaled $67,634 for the quarter ended February 28, 2010, up from $53,769 for the quarter ended February 28, 2009 (+26%) [see Note below]

  • Total Current Liabilities are down from $ 2,192,859 as reported in Q1 to $1,563,165 in Q2 (- 28%)

  • Total Current Assets have increased from $304,978 as reported in Q1 to $751,926 in Q2 (+147%)

Note: The Corporation announced on April 13 a financing of $4,500,000 to fuel its Middle East growth and for general working capital.

OUTLOOK

While Mint has reported a further net loss for Q2 2010 it continues to take a number of positive steps towards delivering reliable and recurrent earnings. The most significant of these steps was taken on September 8, 2009 with the acquisition of the Waseela Equity business assets in UAE and the formation of Mint Middle East LLC. This is now beginning to deliver an improved performance and with the proposed opening of Mint's operations in Saudi Arabia the growth will continue.

Mint Middle East LLC

Mint's Middle East business is now well established through this acquisition and with the formation of Mint Middle East LLC in the Dubai International Financial Centre continues to progress forward. As a result of the recent announcement by the UAE government of the Wages Protection System requiring all employers of foreign labour to comply, Mint is well established to take advantage of the demand for payroll cards to facilitate compliance by over 165,000 businesses in the Emirates alone.

Since September 2009, we have grown from 40 clients and 40,000 cards and Mint now has over 200 corporate and commercial clients and manages more than 200,000 payroll cards for companies throughout the UAE.

Mint President and CEO, Chris Hogg said, "Our business in this emerging part of the world is being fuelled by both government directives and new laws and also by the significant infrastructure investment throughout the Gulf Cooperation Countries region by countries like UAE, Saudi Arabia, Kuwait and Egypt."

Mint forecasts for Quarter 3 March 1, 2010 – May 31, 2010 that it expects to report gross revenues of $700,000 (an increase of 17%). While this will show a loss for Quarter 3 it will be further reduced to around ($350,000) with breakeven to be achieved during Q4.

Mr. Hogg said, "It has been a long haul but I expect to be reporting a positive profit result in Fiscal Q4 2010 and with the launch of our Saudi Arabia business during Q3 and with continued steady growth in UAE and the launch this month of our Money Transfer business the Corporation is very positive about the future."

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 the reduction in losses, future profitability and increase in gross revenues of Mint. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to differ from the performance, or achievements 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.

Contact Information