Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

May 30, 2012 18:59 ET

Mint Announces Quarter 1 Results and Provides Card Data Update

TORONTO, ONTARIO--(Marketwire - May 30, 2012) -

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) announced today that it filed its 2012 1st Quarter ("Q1") Financial Statements, Q1 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q1 trading performance ended March 31, 2012 (the "Q1 Filings") on May 30, 2012.

Revenue from operations was $937,760 for the quarter ended March 31, 2011, up from $768,775 for the quarter ended February 28, 2011 (+22%).

Adjusted negative EBITDA from continuing operations for the period ended March 31, 2012 was ($1,539,546) of which ($1,203,039) is attributable to the expensed Investment cost of the Non UAE card activities including Mint Money, Mint Egypt, Mint Qatar and Mint Global Processing LLC. Adjusted negative EBITDA for the comparative period ended February 28, 2011 was ($280,669) further emphasizing the investments being made over the last 12 months in Non UAE card activities.

Cash totaled $604,396 at March 31, 2012 up from $50,223 for the period ended February 28, 2011 (+2,206%).

Total Assets increased from $4,621,070 at February 28, 2011 to $11,041,874 at March 31, 2012 and Total Liabilities increased from $7,295,780 at February 2011 to $19,041,800. Total liabilities includes IFRS based accounting for derivative warrant liability of $6,930,856 which will reduce as the Corporation's outstanding warrants are exercised or expire.

During the 3 month Period under review, the core payroll card business secured a number of new contracts totaling 22,205 cards which as at the end of this Period had yet to be issued and accounted for in the Company's results.

The total number of cards as of May 29, 2012 under contract and/or issued and/or being billed (generating revenue) is as follows:

Cards under Contract: 525,826
Cards Issued: 397,826
Cards Billed: 277,913

Mint's CEO Nabil Bader said today, "This Quarter's result announced today read together with recent announcements with regard to the certification of Mint Global Processing LLC will now allow us to finalize the transition of Cards under Contract, through the Issuing process and then to Billed status. The potential additional Revenue that would accrue once all Cards Issued become Cards Billed is approximately $300,000 per quarter or $1,200,000 per annum. The potential additional Revenue that would accrue once all Cards Under Contract also become Cards Billed is a further $400,000 per quarter or a further $1,600,000 per annum."

Mint's Executive Chairman, Chris Hogg said today, "We continue to grow card numbers quarter on quarter and have already exceeded our December 2012 cards under contract target in March 2012. Our task now is to load and bill these cards to our own transaction processing platform now it has been certified."

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. 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. 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.

Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Capital (for Mint Money group of products), a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

For additional information please visit www.mintinc.com.

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