Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 14, 2010 15:29 ET

Mint Announces Third Quarterly Results and Market Guidance

TORONTO, ONTARIO--(Marketwire - July 14, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) announced today the release of its third quarterly results and Management Discussion and Analysis Report for the period March 1, 2010 – May 31, 2010. The features of this announcement include:

PERFORMANCE CONTINUES TO IMPROVE

  • Revenue for the quarter ended May 31, 2010, (Q3) was $641,040 up from $110,147 for the quarter ended May 31, 2009 (+581%)

  • Revenue for the quarter ended May 31, 2010 (Q3) from continuing operations of $641,040 was up from $580,493 (+10%) compared to the quarter ended February 28, 2010 (Q2)

  • Net income (loss) before interest, depreciation and amortization and stock expense was ($371,321) for the quarter ended May 31, 2010 (Q3), down from ($992,200) for the quarter ended May 31, 2009. (- 63%)

  • Net income (loss) from continuing operations before interest, depreciation and amortization and stock expense for the quarter ended May 31, 2010 (Q3) of ($371,321) was down from ($1,193,495) (- 69%) compared to the quarter ended February 28, 2010 (Q2)

  • Cash and short term deposits totaled $118,321 for the quarter ended May 31, 2010, up from $38,035 for the quarter ended May 31, 2009 (+211%)

  • Total Current Liabilities are up from $1,563,165 as reported in Q2 to $2,044,570 in Q3 (+31%)

  • Total Current Assets have increased from $751,926 as reported in Q2 to $1,078,873 in Q3 (+43%)

OUTLOOK

Continued improvement in trading results and tracking to management estimates

Mint reported an EBITDA loss of ($371,321) in Q3 down from ($1,193,495) the previous quarter and reported this against management's estimate of a loss of ($350,000). Management forecast gross revenues in April for the Q3 period of $700,000 and delivered on $641,040.

Mint President and CEO, Chris Hogg said "Our business continues to grow in the Middle East and our cost reduction and downsizing of our Canadian operations is now complete. Improved trading results are evidence of the effects of this strategic change in direction now beginning to take hold. The smaller quarter on Quarter increase in revenues is a direct result of the delay in the closing of the Mint Middle East financing."

"We have grown from 40 clients in Q1 to over 400 in Q3 in the UAE alone and our planned expansion into Saudi Arabia is on schedule. We are now expecting to close our previously announced financing by July 31 and this will provide us $3,000,000 in expansion capital to fuel our growth plans in the Gulf Cooperation Countries region. The closing is later than first anticipated and our quarterly performance is all the more impressive given the capital constraints we have been operating under last quarter due to this delay," said Mr. Hogg.

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.

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 forecast concerning the reduction in losses, future profitability and increase in gross revenues of Mint. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to differ from the performance, or achievements 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, should not be read as guarantees of future performance or results, and will not necessarily by 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, delays in rolling out card programs, the ability of Mint to obtain financing and terms of any financing, the possibility of technical, logistical or planning issues in connection with deployment of Mint's products and solutions, the demand for Mint's products failing to occur, and other factors discussed in Mint's MD&A filed on SEDAR. 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 new 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.

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.

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