Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

April 12, 2012 10:56 ET

Market Update on Mint's Project in Egypt

TORONTO, ONTARIO--(Marketwire - April 12, 2012) -

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

Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced today that it has been mutually agreed upon by Mint, the Principal Bank for Development and Agricultural Credit ("PBDAC") and the Central Agriculture Cooperatives Union ("CACU"), that there will be a tri-party agreement between the three parties rather than individual agreements between Mint and PBDAC and Mint and CACU. This tri party agreement drafting is now complete in both English and Arabic. The Statement of Work ("SOW") which includes our chosen biometric vendor is currently under final negotiation. The pricing for the biometrics supply has been finalized and an agreement has been drafted with the vendor. This agreement will be signed once the tri-party agreement is finalized and executed. Once all terms in the tri-party agreement have been reviewed by the individual parties' council and agreed upon, Mint will seek permission from the Ministry of Agriculture to execute the agreement and commence the project. A working session between Mint, the Ministry of Agriculture, PBDAC and CACU is scheduled for next Thursday, April 19th, 2012 to finalize negotiations.

Nabil Bader, CEO of Mint, said today, "While this has delayed our implementation from that announced in December, 2011, we believe the decision to combine the agreements into one tri-party agreement was the best solution for all parties. This will ensure a streamlined approach to the project and further enhance communications between all parties involved. We have completed our financial models around the pricing agreed upon with our biometric vendor and once the details of the SOW have been completed, we will move quickly to execute the contract."

ABOUT MINT TECHNOLOGY CORP

Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Money, a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

For additional information please visit www.mintinc.com.

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