Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 12, 2011 14:39 ET

Mint Closes Purchase of Minority Interest in Middle East Subsidiary

TORONTO, ONTARIO--(Marketwire - July 12, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announces that it has completed the purchase of 400,000 membership interests in Mint Middle East LLC ("MME"), representing 40% of the ordinary equity in that company. The remaining 60% of MME is already owned by Mint. As a result of this transaction MME has become a wholly owned subsidiary of Mint. The purchase of this interest was approved by the shareholders of Mint at a special meeting held on June 28, 2011.

Nabil Bader, the Mint CEO and a director of Mint and the CEO of MME, sold 250,000 membership interests in MME to Mint and received 19,216,000 common shares and 19,216,000 common shares purchase warrants (the "Warrants") issued by Mint. Each Warrant is exercisable for one common share of Mint at an exercise price of $0.15, on or before July 7, 2013. Mr. Bader is a resident of Dubai, United Arab Emirates. The common shares and Warrants issued to him today represent 12.96% of the outstanding common shares (22.94% if the Warrants are exercised) and constitute all of the securities owned by Mr. Bader in Mint. The securities were acquired for investment purposes and to satisfy a debt obligation. By agreement between Mint and Mr. Bader, the interest in MME sold to Mint has a value of USD$2.5 million (or CDN$2,402,000 based on the noon rate of exchange as reported by the Bank of Canada). Mint has agreed to issue 10,714,286 common shares to a company controlled by Mr. Bader in settlement of a promissory note for USD$1.5 million owing by Mint and it is expected that this transaction will close in the next ten business days. An early warning report will be filed in connection with the issuance of common shares and Warrants issued on July 7, 2011 and a copy of that report may be obtained at www.SEDAR.com.

Maher Kaddoura, a Manager of MME, sold 150,000 membership interests in MME to Mint and received USD$500,000 and 7,686,400 common shares and 7,686,400 Warrants issued by Mint.

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, UAE, 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.

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 closing of the transaction in which Mint is to settle its promissory note for common shares of Mint. 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 closing of the acquisition could be delayed if there are delays in finalizing the documentation in connection with the transaction. 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.

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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