Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

February 01, 2010 12:27 ET

Mint Announces Sale of Subsidiaries and Business Partnership

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) -

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

Mint Technology Corp. (TSX VENTURE:MIT) announced today that it has sold three of its subsidiaries (Mint Inc., Mint Capital Corp. and Mint Shared Services Inc.) to DirectCash Acquisition Holdings Inc. a subsidiary of DirectCash Income Fund for $750,000, subject to customary holdbacks and adjustments.

In addition, DirectCash Acquisition Holdings Inc. has also loaned $200,000 to Mint, due on June 30, 2010 and bearing interest at 18% per annum. The loan is secured by a general security agreement. 

DirectCash ATM Processing Partnership will act as the transaction processor for the Mint prepaid card programs in Canada. DCBank will act as the bank sponsor for these programs. 

Mint will continue to focus its business resources on the distribution of payroll and debit cards in emerging markets, principally through its subsidiary in the Middle East.

ABOUT MINT TECHNOLOGY CORP.

Mint Technology Corp. is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage 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 remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. 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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