Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 15, 2011 15:23 ET

Mint Announces Closing of the Acquisition of the Client Contracts and Payroll Cards of Workers Equity BSC, A UAE Based Prepaid Card Business

TORONTO, ONATRIO--(Marketwire - July 15, 2011) -

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) announces that the Company has closed the acquisition of the card portfolio of Payroll Card Services provider, Workers Equity BSC, an arm's length company located in the Middle East with a portfolio of approximately 180,000 prepaid cards, announced on May 19, 2011.

Mint has approximately 165,000 prepaid cards under management and the addition of this portfolio, together with previously announced contract wins will bring to approximately 420,000 the number of cards managed by Mint over the next 90 days following transition of the acquisition and deployment of the new contracts.

The acquisition price is USD$5,000,000 subject to adjustment against actual cards transferred over a 135 day period commencing from date of Close, of which USD$1,250,000 was paid on closing today, USD $1,250,000 is payable on the transfer of the card portfolio to Mint's platform (anticipated to be 45 days after closing) and USD $2,500,000 or the final adjusted price balance payable 135 days following closing.

Mint Chairman, Chris Hogg said today, "The closing of this acquisition consolidates Mints position as the leading and largest non-bank provider of prepaid and payroll card products in the Middle East and is another step forward in the delivery of our business plan to be the number one provider of financial products to the unbanked in Emerging Markets primarily in the MENA region."

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 actual number of cards to be transferred over under the acquisition and the resulting adjustments to the purchase price. 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. In addition to other risks, the number of cards transferred over could change based on factors such as client contracts not being successfully assigned to Mint. 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

Mint Technology Corp. is a pioneer in prepaid financial products and services and was Canada's first provider of prepaid credit card programs. Today, Mint through its subsidiary Mint Middle East LLC based in Dubai designs, builds and manages an end to end card based payments solution for employers and employees for the payment of wages and benefits. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage these 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 money remittance technologies.

Stock Symbol: MIT on the TSX Venture Exchange.

For additional information please visit www.mintinc.com or contact: Mint Technology Corp.

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.

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