Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

October 31, 2011 10:34 ET

Mint Announces Payroll Card Services Contract for Sharaf Exchange Customers in UAE

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) -

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Mint Technology Corp. ("Mint") (TSX VENTURE:MIT) announces today that the Company's subsidiary Mint Middle East LLC ("MME") has signed a Payroll Services Agreement with SHARAF EXCHANGE L.L.C., ("Sharaf"). Sharaf is a licensed and authorized money exchange house, which is authorized by the UAE Central Bank and the UAE Ministry of Labor to process wages under the Wages Protection System ("WPS").

Sharaf has selected Mint to manage approximately 20,000 cardholders who are employed by a wide range of employer customers with whom Sharaf has already entered into payroll card agreements in relation to the provision of WPS to such customers. Sharaf has contracted with MME to manage the issuance of prepaid cards for the payroll accounts of the employees of these customers.

Mint President & CEO, Nabil Bader, said today, "This announcement brings the number of new cardholders secured by Mint Middle East to 50,000 this month alone. We are pleased that our push into providing outsource services to Banks and Exchange Houses is beginning to bear fruit."

Mint Executive Chairman, Chris Hogg said, "Increasingly money exchange houses and banks are turning to specialists like Mint to outsource the management of payroll cards for their business customers. As this in not part of the core business of the banks and exchange houses, it presents for Mint a significant growth opportunity."

ABOUT SHARAF EXCHANGE LLC

Sharaf Exchange LLC, incorporated in 1996, is part of Sharaf Group, one of the most respectable groups in UAE. The Sharaf Exchange has been the preferred choice to its customers for providing money exchange and money transfer solutions for over a decade through its network of branches at high streets and major public places such as malls and airports.

Sharaf Exchange is associated with leading banks and money transfer companies to enhance its reach for providing remittances to the convenience of its customers. It also provides payroll solutions to the large and medium corporation for their employees.

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.

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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