Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

February 29, 2012 16:15 ET

Mint Annual General Meeting and Preliminary Financial Results

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2012) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced that the Company's Annual General Meeting ("AGM") was held in Toronto on February 28, 2012 and that all the meetings items of business, motions and resolutions were passed.

In Summary, in addition to the tabling of the Company's financial statements and the reappointment of Grant Thornton as the Company's auditors, the AGM concluded the following items of business:

  1. The size of the Board has been reduced from 6 to 5 and Jeremy Stone, our UK based Director, has stepped down and the meeting has reappointed Chris Hogg, Nabil Bader, Bill White, Michael Pesner and Roger Rai as Directors. The Board would like to thank Jeremy for his valuable contribution since 2009 and wishes him well.
  2. The Company's rolling Stock Option Plan was approved and confirmed.
  3. Shareholders approved the change of the company name to "The Mint Corporation".

In addition, the Company has received regulatory approval to change its financial year end from August 31 to December 31 to match the year end of its operating businesses in the United Arab Emirates. As a result the Company provides the following preliminary financial results for the four months ended December 31, 2011, the previous corresponding period and the 12 months ended December 31, 2011 and the previous corresponding period. The Company's financial statements for the four month period and the corresponding MD&A will be filed on or before April 30, 2012.

Revenue

  • For the period 1 September 2011 to 31 December 2011 revenues of $1,301,456 compared to $1,015,693 in the corresponding period in 2010, an increase of 28%.
  • For the period 1 January 2011 to 31 December 2011 revenues of $4,076,540 compared to $2,937,868 in the corresponding period in 2010, an increase of 39%.

Mint Executive Chairman, Chris R. Hogg said today, "The business is growing on a number of fronts and we expect that over the next 60 days the market will be provided with further updates on our major projects such as Mint Money, Mint Egypt and Mint Saudi Arabia in accordance with our last Business Update on February 14, 2011".

ABOUT MINT TECHNOLOGY CORP

Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Money, a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

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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