Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

August 07, 2012 14:19 ET

Mint Delivers Charity Card for Humaid Bin Rashid Al Nuaimi Foundation

TORONTO, ONTARIO--(Marketwire - Aug. 7, 2012) -

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Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) announced that it has signed an Agreement with the Humaid Bin Rashid Al Nuaimi Foundation (the "Foundation") to provide up to 10,000 prepaid cards to needy individuals, of which 7,210 cards have already been issued by Mint and distributed by Ajman Bank. Nancy Ruffing, Mint Middle East Managing Director and Shaikha Azza bint Abdullah Al Nuaimi, Director General of the Foundation, signed the Agreement at a public event to celebrate this initiative during the holy month of Ramadan. The cards are reloadable for up to three years and are able to be used at any ATM machine in the United Arab Emirates, but if used at Ajman Bank ATMs, funds can be withdrawn fee free.

The Foundation was established by His Excellency Sheikh Humaid bin Rashid Al Nuaimi, Emir of the Emirate of Ajman. The Zakat card was funded personally by the Emir through a deposit of AED15,000,000 (C$4,166,666) to provide the credit value loaded to the cards.

This comes as a timely project during the Islamic holy month of Ramadan during which time zakat ("charity or alms") is required to be given at a rate of approximately 2.5% of an individual's wealth. Mint is working directly with Ajman Bank to execute this program as part of its commitment to social responsibility in the region. Mint is offering this program to the Foundation free of charge.

Chris Hogg, Executive Chairman, said today, "The importance of this project is twofold. Firstly, we were able to assist the Foundation in a more cost effective and efficient method of distributing benefits to the needy in the Emirate of Ajman. Secondly, our recently certified Mint Global Processing platform executed on this requirement from date of Agreement signing through card design, approval, issue, and activation in 21 days. This proves out one of the significant benefits of having our own independent transaction processing and switching capability."

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 Capital (for Mint Money group of products), a financial products distribution company, Mint Global Processing, a fully integrated third party processing platform and, Mint Electronic Payment Services trading as ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

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