Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

November 17, 2011 14:23 ET

Mint Announces Update on the Acquisition of the Client Contracts and Payroll Cards of Workers Equity BSC, A UAE Based Prepaid Card Business

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announces that further to the Company's press release dated July 15, 2011, the Company has agreed to grant an extension of time for the completion of the integration of the prepaid card portfolio acquired by Mint from payroll card services provider Workers Equity BSC ("Workers Equity"). Under the original terms of the portfolio acquisition, the balance of the acquired card portfolio was to be transferred to Mint's platform from Workers Equity 135 days after closing of the acquisition, or November 27, 2011, on which date the balance of the final adjusted purchase price was to be paid by Mint to Workers Equity.

Accordingly, the parties have agreed that the final payment of the adjusted acquisition price will be made in two installments, on November 27, 2011 and February 6, 2012. Mint confirms that of the estimated acquisition price of USD$5,000,000, the USD$1,250,000 due on closing and the USD$1,250,000 second payment have been paid by Mint. The balance of the acquisition price is subject to adjustments on actual cards loaded, integrated and active as of February 1, 2012. Any cards attributable to transferred contracts loaded after that date will be for the benefit of Mint alone and will not be subject to further acquisition price adjustments.

To date, Mint and Workers Equity have completed the integration of approximately 115,000 prepaid cards, and anticipate that a further 25,000 to 30,000 cards will be transferred by the new final closing date of February 6, 2012.

Mint Chairman, Chris Hogg said today, "The agreement to an extension arises from the fact that Workers Equity are continuing to sign new contracts for prepaid payroll cards during the measurement period and it is in both parties' best interests to provide this additional time".

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 anticipated number of prepaid payroll cards to be transferred to Mint as described above. 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 number of prepaid payroll cards that will be transferred to Mint's platform could deviate from what is currently anticipated. 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.

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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