SOURCE: Mint Technology Corp.

January 25, 2006 08:30 ET

Mint Technology Corp. Enters Into a Secured Loan Term Sheet

TORONTO, ONTARIO -- (MARKET WIRE) -- January 25, 2006 -- Mint Technology Corp. (TSX-V: MIT) is pleased to announce that it has entered into a non-binding Term Sheet with a lender to obtain a US$4.0 million secured loan. The financing will be used for general working capital purposes.

In addition to cash interest at market rate, the Company will grant the lender approximately 9.9 million warrants for a two-year period, at C$0.25, payable by cashless exercise.

The loan is repayable in 30 months, with amortization to be determined. The loan is secured by a first charge on all of the Company's assets. The closing is subject to completion of documentation and certain regulatory approvals.

About Mint Technology Corp.

Mint is a leading payment solutions company. Through the Company's payment platform, Mint is the first in Canada to facilitate and deploy prepaid, reloadable MasterCard® cards with unique features such as co-branding and loyalty programs, MasterCard® gift cards, and new wireless and contactless payment alternatives such as MasterCard cards with PayPass™ functionality and cell phone based parking. Mint enables fully featured prepaid credit card programs by offering a back-office platform, transaction processing and full service card management including program implementation and deployment. The company is headquartered in Toronto, Ontario. To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website at www.mintinc.com.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE MAY INCLUDE STATEMENTS ABOUT FUTURE EVENTS AND/OR FINANCIAL STATEMENTS THAT ARE FORWARD LOOKING IN NATURE, SUBJECT TO RISKS AND UNCERTAINTIES.

Contact Information

  • For further information please contact:

    Dean Thrasher
    Executive Vice President
    Corporate Development Manager
    Mint Technology Corp.
    o: 416-581-0001 EXT. 241
    Email Contact

    Mich Ahern
    Manager, Public Relations, Mint Inc.
    o:416.581.0001, EXT. 216
    c:416.454.8060
    Email Contact