Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

April 05, 2011 12:52 ET

Mint Announces Formation of Mint Qatar WLL in Partnership With Mr. Ahmad Rashid Al Misnad

TORONTO, ONTARIO--(Marketwire - April 5, 2011) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Corporation") announced today that the Corporation's Middle East business unit, Mint Middle East LLC, has signed a Letter of Intent with a prominent local business group to establish Mint Qatar WLL.

Mint plans to launch its successful Payroll and prepaid card service in Qatar to predominantly large construction and engineering groups and their contractors by mid-2011, thereby leveraging the Company's existing UAE client base with projects already underway in Qatar. This will provide Mint with a platform to access the enormous infrastructure spend over the next few years in Qatar which will require a significant increase in foreign labor and as such card based payroll services of the kind Mint successfully manages elsewhere in the Middle East..

Despite the global financial crisis, Qatar has prospered in the last several years. In 2010, Qatar had the world's highest GDP growth rate of 19.4%. Its population is currently approximately 1.3 million but is estimated to grow to in excess of 6 million over the next 10 years. Government capital expenditure continues to rise in Qatar with outstanding projects in the country currently totaling US$209bn, UK-based Oriel Securities has said in a recent report. Of this, about 40% is planned for infrastructure according to Zawya Dow Jones estimates. In 2010, Qatar won its bid to host the 2022 FIFA World Cup, which is helping to spur increased infrastructure spending and corresponding increase of foreign workers.

Mr. Ahmad Rashid Al Misnad will help and support Mint to secure agreements with local banks, to coordinate with the Ministry of Labor and with local money exchange houses to complement Mint's offerings and will help Mint Qatar WLL sign major customer contracts.

Mint Director and Mint Middle East CEO, Nabil Bader, said today, "We are honored to have partnered with such a prominent Qatari businessman as Mr. Al Misnad and look forward to bringing to Qatar our prepaid and payroll payment services offerings in partnership with his group of companies. We know that our product offering will help Qatari businesses more effectively manage their payroll processes and ensure that the employees have secure and reliable access to their earned wages."

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, UAE, 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.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or future performance. Forward-looking statements include the launching of Mint's payroll and prepaid card services in Qatar by mid-2011 and the help and support to be provided by Mr. Ahmad Rashid Al Misnad. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements 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, should not be read as guarantees of future performance or results, and will not necessarily by accurate indications of whether or not such results will be achieved. The launch of Mint's payroll and prepaid card service in Qatar by mid-2011 assumes regulatory approvals, securing a Bank partner, an dsigning customer agreements. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, any delay of failure to enter into a binding agreement with Mr. Ahmad Rashid Al Misnad, to obtain registration of Mint Qatar WLL, to obtain financing and resolve the technical, logistical or employment issues necessary to establish operations in Qatar, as well as the risk that there is a lack of demand for Mint's services and other factors in Mint's MD&A filed on SEDAR. 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 new release, Mint cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release. 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 laws.

For additional information please visit www.mintinc.com.

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