Mint Technology Corp.
TSX VENTURE : MIT
PINKSHEETS : MITJF

Mint Technology Corp.

April 30, 2012 22:38 ET

Mint to Acquire UAE Mobile Airtime Top Up Business and Merchant Network to Add to Mint Money Range of Services

TORONTO, ONTARIO--(Marketwire - April 30, 2012) -

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

Mint Technology Corp. ("Mint") (TSX VENTURE:MIT)(PINKSHEETS:MITJF) announced today that the Company has signed a Letter of Intent and substantially completed due diligence on the acquisition of the business assets, trading names, customer lists, merchant agreements, client and third party telecoms contracts, and goodwill of one of the UAE's leading mobile POS e voucher network company's, ePAY, from its current owners Global Business Services ("GBS"), a leading UAE telecom, multimedia and premium added value services company.

ePAY's merchant network currently processes in excess of $160,000,000 in mobile airtime top up per annum through the GBS/ePAY's proprietary platform solution and over the last 5 years has consistently delivered in excess of $1,500,000 of Net Profit to its owners.

This business will be acquired by a new subsidiary of Mint, to be known as Mint Merchant Services and its offerings will integrate with those of Mint Money including offering mobile top up to Mint's entire payroll cardholder base in the UAE and eventually beyond.

The financial terms of the transaction remain confidential at this time but include both a cash component and an issue of shares to the Vendor at a significant premium to the current average trading price of Mint's common stock. The transaction structure will be announced in detail following execution of unconditional contracts.

Mint Executive Chairman, Chris Hogg said today, "This is a unique opportunity for Mint to own and deliver its own mobile airtime top up range of products to its payroll card customer base who we know through survey data, in addition to sending money home, spend in excess of $150,000,000 per annum in airtime on their mobile devices. I am particularly pleased that a large proportion of the acquisition consideration is in the form of Mint stock as the Vendor shares in Mint's enthusiasm for our current rate of growth and the opportunity of having our own mobile top up business to add to our growing cardholder base."

Nabil Bader, Mint CEO said today, "This acquisition will add cash flow and EBITDA straight out of the gate for Mint Money which together with the micro loan product we are launching this month and the plans we have for an expansion of ePAY's range of offerings is good news for Mint as we continue to grow our reputation as the "go to" company for the unbanked workers in our core market. In addition, to marketing our own cardholder base there are also a number of operational synergies to be gained from the combination of this business with the Mint Money front office and the Mint Global Processing back office."

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those 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, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. 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 news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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 6 offices in UAE, Qatar, Jordan, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT). Mint is soon to open a full service office in Egypt.

ABOUT GBS/ePAY

Established in 2005 ePAY is the electronic voucher payments division of Global Business Services ("GBS"). Established in 2002 and with Headquarters in Abu Dhabi UAE, GBS is one of the leading and most dynamic technology oriented business groups in the Middle East today. Its subsidiaries provide services and solutions for a variety of customers in telecommunications, broadcasting, film, audiovisual production, art and fashion and utility industries.

For additional information please visit www.mintinc.com.

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