Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

March 16, 2010 17:31 ET

Mint Secures New Client Contract No 100

TORONTO, ONTARIO--(Marketwire - March 16, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) announced today that the Corporation's Middle East business unit, Mint Middle East/Waseela, recently signed its 100th corporate client contract reflecting the significant growth in the payment solutions industry being experienced in the United Arab Emirates (UAE) following enactment of the government's Wages Protection System (WPS) which requires employers of foreign labor to transfer payroll through Banks, Exchange Houses and third party payment service providers to replace payment in cash.

Mint also announced that part of the above milestone achievement included signed client agreements with Al Jaber L.E.G.T Engineering and Contracting LLC, Arabian Construction Contractors, Engineering Construction Company and Ghantoot Group in the last 60 days which together provides for the immediate deployment of payroll cards to over 40,000 employees bringing to in excess of 200,000 the number of employee payroll cards now contracted.

The Company also announces that it has entered into a Service Agreement with First Gulf Bank (FGB), the second largest bank in the UAE in capital terms, headquartered in Abu Dhabi, with over US$6 billion in assets. That agreement provides for the deployment of payroll cards to FGB's small to medium enterprise customer base which is expected over the next 6 - 12 months to add a further 100,000 payroll cards under contract with Mint. FGB recently won international recognition as 'Bank of the Year 2009, UAE' by The Banker Awards.

Mint President & CEO, Chris Hogg said, "The Wages Protection System throughout UAE is ensuring that Mint and other payment service providers are growing at an unprecedented rate and we continue to be well positioned to service this opportunity. There are approximately 4.3m foreign workers in UAE whose employers need to be compliant with the WPS by March 2011. Approximately 1.5m foreign workers are currently contracted through their employers' respective service providers".

"The number of prepaid cards under contract with Mint has doubled in the last 4 months. With that growth and our planned expansion into Saudi Arabia next month, we are leveraging the significant infrastructure investment growth in the Gulf Cooperation Countries (GCC) plus the regional government focus on electronic forms of payroll payment", said Mr. Hogg.

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 future payroll cards under contract with Mint. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, 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.

For additional information please visit www.mintinc.com.

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