Mint Technology Corp.

Mint Technology Corp.

November 30, 2010 13:15 ET

Mint Announces New Director and Updates Market on Middle East Business

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) -


Mint Technology Corp (TSX VENTURE:MIT)("the Corporation") announced today the appointment of Mr. Nabil Bader as a Director of the Corporation and the resignation of Mr. Robert Raich. The Board thanks Mr. Raich for his contribution and support over the last 18 months.

Mr. Bader is the CEO of the Corporation's 60% owned subsidiary, Mint Middle East LLC ("MME"), and is based in Dubai, United Arab Emirates. "Nabil is a pioneer in the prepaid space in the Middle East North Africa (MENA) region and currently has executive responsibility for the Corporation's Middle East subsidiary and its business development throughout the region. He brings to the Board hands on business experience for our financial products in this rapidly growing territory and on behalf of the Board, we welcome him", said Chris Hogg, Mint's President and CEO.

The Corporation also announced today that MME now has over 1400 employer contracts for its payroll card, each under 3 year agreements with an average term to run of 2.2 years providing the Corporation with strong visibility to future revenues.

In September, 2010 payroll loaded to the cards for that month alone exceeded C$75,000,000 indicating an annual payroll load to our cards in excess of C$900,000,000. "The payroll loads are an important metric as it provides volume data as to the size of the follow on opportunity to capture the money transfer business from our cardholders, 80% of whom send money home on or soon after payday. Our business in UAE continues to grow and as of October, 2010 operationally (excluding Canada Head Office costs) we are EBITDA and cash positive in the company." said Mr. Bader.

"It is important for our shareholders and partners to know the growth potential for the Company in the MENA region. The UAE economy has recovered from its recent stumble and is predicting 3 - 3.5% GDP growth next year and has over $20B of Infrastructure investment approved, a strong guide to employment and thus payroll growth in the Emirates during 2011 and 2012. UAE remains the second largest economy in the MENA region with over US$275 Billion of GDP", said Mr Bader.

The Corporation further announced today that in addition to its existing plans for Saudi Arabia in the payroll card space, it has planned further regional expansion into Jordan, Syria, Palestine and Egypt with partnerships currently being negotiated with banks and suppliers.

"In these countries," said Mr. Hogg, "there is tremendous opportunity to expand our payroll card service into broad based payment services, POS, money transfer and mobile banking services and our regional presence and growing platform capabilities positions us well to make these advances now."

Mint has also commented upon and Updated its market guidance last issued on August 27, 2010, which said:

Aug 27: "Mint will announce its Q4 results on September 30 which will feature on a consolidated basis the following…" 

Update: Mint will announce its Q4 results as part of its Annual Results announcement on or before December 29, 2010.

Aug 27: "Consolidated Recurrent revenues now exceed C$260,000 per month and are growing at between 5% and 10% per month…"

Update: Recurrent Revenues now exceed C$270,000 and grew 10.3% month on month from August to September, 2010.

Aug 27: "Q4 (to 31 August 2010) will show EBITDA (cash) breakeven for the Group arising from the increasing revenues from the Middle East business unit and cost cutting in the Canadian business."

Update: Group EBITDA loss for Q4 is expected to be ($320,000) due to one off costs and expenses brought to account in the final quarter for the 2010 fiscal period.

Aug 27: "Fiscal 2011 guidance is Consolidated Revenues of >C$8,000,000 and an EBITDA (excluding Minority interests in the Subsidiary businesses) in a range of C$2,400,000 – C$2,750,000."

Update: Mint confirms this guidance. This guidance is based on a number of assumptions including launch of the Corporation's business operations in Saudi Arabia and growth in the UAE maintaining its current rate.

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 Mint's planned expansion in the Middle East and its fiscal 2011 guidance. 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. 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, delays in rolling out card programs, the inability of Mint to obtain financing and the terms of any financing, the possibility of technical, logistical or planning issues in connection with deployment of Mint's products and solutions, the demand for Mint's products failing to occur. 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. These forward-looking statements are made as of the date of this news release. 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.


Mint Technology Corp. 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, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage 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 remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT on the TSX Venture Exchange.

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