Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

November 17, 2011 13:58 ET

Mint Announces Private Placement With Carta Worldwide

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2011) -

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

Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or "Company") today announced that it has agreed to complete a non-brokered private placement to Carta Worldwide ("Carta") for $768,792. On October 17th, 2011, Mint announced the Company had signed a binding Memorandum of Understanding with Carta for the formation of Mint Global Processing LLC (MGP), a full service transaction processing company of which Mint owns 55% and Carta 45%.

As part of that agreement, Carta has agreed to a private placement of 6,150,336 units at $0.125 each comprised of one common share plus one common share purchase warrant exercisable at $0.15 on or before August, 31 2013. This brings Carta's shareholding in Mint to 13,350,036 shares or 7.5% on an undiluted basis. The Corporation will use the proceeds for repayment of a loan from Carta and cancellation of existing processing agreements with Carta.

Mint Executive Chairman, Chris Hogg, said today, "Our relationship with Carta has continued to strengthen over time and now with the partnership to form MGP, we look forward to beginning our third-party transaction processing activities early in the New Year throughout the Middle East and North Africa."

The private placement is subject to TSX Venture Exchange approval.

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 regulatory approval and Toronto Stock Exchange approval. 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 not receiving regulatory or TSX Venture Exchange approval. 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.

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.

Contact Information