Carta Solutions S.A.

November 11, 2010 12:33 ET

Carta Solutions S.A.: News Release

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2010) - Carta Solutions S.A (the "Company") of Epalings, Switzerland announces that on November 10, 2010, the Company acquired ownership and control of 2,800,000 common shares of Mint Technology Corp. (the "Reporting Issuer") and 1,200,000 common share purchase warrants ("Warrants") of the Reporting Issuer in a non-brokered private placement of 1,600,000 units ("Units") of the Reporting Issuer and in connection with a loan agreement between a wholly-owned subsidiary of the Company, Carta Worldwide Inc. ("Carta Worldwide"), and the Reporting Issuer. Each Unit consisted of one common share and three-quarters of a common share purchase warrant at a price of $0.125 per Unit. Each whole common share purchase warrant is exercisable for $0.15 until April 30, 2012. This private placement was announced on October 5, 2010. In connection with a $500,000 loan from Carta Worldwide to the Reporting Issuer for working capital purposes, the Reporting Issuer issued to Carta Worldwide 1,200,000 common shares with a deemed value of $0.0825 per share.

Following the transaction the Company owns, directly or beneficially, 7,200,000 common shares of the Reporting Issuer, which represents approximately 9.86% of the issued and outstanding common shares of the Reporting Issuer on a non-diluted basis. Assuming the exercise of the 2,200,000 common share purchase warrants already held by the Company and the 1,200,000 Warrants acquired by the Company pursuant to the private placement transaction, the Company will own 10,600,000 common shares of the Reporting Issuer, representing 13.88% of the outstanding common shares of the Reporting Issuer on a partially-diluted basis (assuming that no other outstanding warrants or options of the Reporting Issuer are exercised).

The Company is interested in increasing its ownership interest in the Reporting Issuer. The Reporting Issuer has agreed not to issue any further securities and the Reporting Issuer's insiders have agreed not to sell any securities for 120 days without the Company's consent, which should not be unreasonably withheld. This provision was agreed to provide the Reporting Issuer time to negotiate, in the best interests of shareholders, a suitable process and agreement for valuing and then structuring any further investment by the Company.

About Carta Solutions S.A.

The Company is a private company which operates as a technology and prepaid payments solution provider that has developed MasterCard® certified, PCI compliant prepaid and mobile payments processing platform. The Company has business operations in Canada, UK, the Middle East and Latin America.

In August, 2010, the Reporting Issuer and the Company entered into an agreement under which the Reporting Issuer agreed (a) to use the Company as its card processing provider in Saudi Arabia and UAE under an exclusive 5 year agreement, (b) to give the Company a right of first refusal for 5 years to be the technology provider and processor for the Reporting Issuer in the Middle East, and (c) to enter into a cooperation agreement for the Gulf Cooperation Council region (GCC region), consisting of Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, the Sultanate of Oman, and the Republic of Yemen, under which the Company and the Reporting Issuer will share business opportunities and resources.

About Mint Technology Corp.

The Reporting Issuer 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, the Reporting Issuer works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. The Reporting Issuer has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. The Reporting Issuer 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. The Reporting Issuer's prepaid card products include general spend for the underserved, youth and employee payroll.

Stock Symbol: MIT on the TSX Venture Exchange.

Contact Information

  • Milton Chambers
    416-840-5611 ext. 109