SOURCE: Mint Technology Corp.

February 14, 2007 08:00 ET

Mint Announces Restructuring and Expected Charges

TORONTO -- (MARKET WIRE) -- February 14, 2007 -- Mint Technology Corp. ("Mint") (TSX-V: MIT), announced today the restructuring of its Mint Inc. and Mint Commerce Inc. subsidiaries. Charges for the restructuring include a workforce reduction of approximately 11 full-time and part-time employees, and independent contractors, or 35% of the Company's total workforce. As part of its restructuring, the Company will also look to downsize its excess rental facilities.

The restructuring charges are expected to be between $110,000 to $120,000. Such charges are anticipated to be recorded in the second and third quarters of fiscal 2007, with the majority being recorded in the second quarter. All of the restructuring charges are expected to be cash charges. It is predicted that the restructuring charges will include approximately $100,000 associated with the reduction in the Company's workforce. Furthermore, the restructuring charges are likely to include approximately $10,000 to $20,000 in non-workforce related expenses. In fiscal 2008, the Company foresees the cost and operating expense savings from this restructuring to grow to approximately $1.1 million as it achieves the full-year run rate on programs implemented in fiscal 2007.

Although the Company wound down its wireless parking activities prior to fiscal year-end August 31, 2006, it is continuing to pursue opportunities for the licensing of its technology.

"A year ago, we put in place a plan to make Mint a profitable and stronger Company with a greater focus on lucrative opportunities and more efficient operations," states Frank Maduri, president and CEO, Mint Technology Corp. "Today's announcement demonstrates our commitment to making this happen. This was a difficult but necessary step that will realign our resources with a streamlined suite of products that will assert our leadership in this emerging industry."

About Mint Technology Corp.

Mint is a leading payment solutions company. Through its payment platform and prepaid credit card programs, Mint is the first in Canada to facilitate and deploy prepaid credit cards with unique features such as co-branding and loyalty programs, and new wireless payment alternatives such as contactless functionality. The company is headquartered in Toronto, Ontario.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release -- including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.


Contact Information

  • For further information please contact:

    Dean Thrasher
    Executive Vice President
    416-581-0001 EXT. 241
    Email Contact