Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 29, 2011 11:55 ET

Mint Announces Quarter 3 Results Featuring Continued Revenue Growth and Stronger Balance Sheet

TORONTO, ONTARIO--(Marketwire - July 29, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced today that it filed its 2011 3rd Quarter ("Q3") Financial Statements, Q3 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q3 trading performance ended May 31, 2011 (the "Q3 Filings") on July 29, 2011.

Revenue from operations was $862,641 for the quarter ended May 31, 2011, up from $649,340 for the quarter ended May 31, 2010 (+33%) and up from $768,775 (+12%) for the quarter ended February 28, 2011 (Q2). Revenue for the 9 months ended May 31, 2011 was $2,404,205 up from $1,595,320 for the 9 months ended May 31, 2010 (+ 51%).

Cash totaled $2,729,422 at May 31, 2011 up from $118,321 for the period ended May 31, 2010 (+2,206%) and up from $50,223 for the period ended February 28, 2011 (Q2).

Total Assets increased from $4,734,993 at 31 August 2010 to $7,251,674 at 31 May 2011 including an increase in Current assets from $1,105,577 to $4,334,376 for the same periods contributing to an improvement in Total Shareholders' Equity from ($2,323,293) to $745,085, an approx. $3m improvement in the Balance Sheet in one quarter.

Net EBITDA loss on a consolidated basis (excluding Interest in loss of Subsidiary) from continuing operations for the quarter ended May 31, 2011 was ($871,839). This was primarily due to significant one-time expenses associated with various financings during the period, due diligence associated with the acquisition, travel costs associated with a number of Investor Roadshows to the Middle East and one-time costs associated with moving to larger premises in Dubai to accommodate the expanding operations of the company.

The 9 month comparative from 2010 to 2011 showed an improvement from a Net EBITDA loss from continuing operations of ($3,493,121) in 2010 to a net EBITDA loss of ($1,903,813) for 2011 to date. (+ 45%).

Mint's CEO Nabil Bader said today, "This Quarter's result read together with recent announcements with regard to the acquisition of the card portfolio of Workers Equity BSC and recent contract wins still in the process of being loaded to our system set's up well for next quarter and 2012 to deliver improving EBITDA results."

Mint's Chairman Chris Hogg said "We continue to grow revenues quarter on quarter, have strengthened our Balance Sheet and are now positioned to integrate our acquisition and implement our new contracts over the next 90 days which will see our card portfolio grow to over 420,000 cards by the end of calendar Q4."

"In addition, we have closed the acquisition of the 40% of Mint Middle East we didn't own, recruited a senior executive from the UAE Central Bank to add to our business development resources and have opened a business presence in both Qatar and Jordan."

"We are in a high growth market for the unbanked and are now the largest non-bank provider of prepaid and payroll cards in the MENA region. We look forward to the next 6 months in seeing all of these milestones manifest themselves into improving returns to our loyal shareholders," said Mr. Hogg.

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 the expected closing date of the acquisitions of interests in MME. 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. In addition to other risks, the closing of the acquisition of interests in MME could be delayed or fail to proceed if shareholder approval or TSX Venture Exchange approval is delayed or not obtained. 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

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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