Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

December 21, 2011 11:12 ET

Mint and Egyptian Government Bank Sign a MOU for Significant Payments Infrastructure Project

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced in Cairo, Egypt today that it has signed a Memorandum of Understanding ("MOU") with the Principal Bank for Development and Agricultural Credit ("PBDAC"), an Egyptian government owned bank to build and operate a payments infrastructure network to replace the current cash based system of subsidy, loan and payment distributions. The project includes a prepaid/debit card program to manage the bank's agricultural loan program to be distributed exclusively by and through the PBDAC distribution network in Egypt of 1200 Branches and able to be used at retail point of sale merchant locations and ATM's throughout Egypt.

According to the detail of the MOU, the implementation will be in stages. Mint will initially launch the program in 2 districts in Egypt, known as governorates, comprising approximately 500,000 customers and following which it is expected to be rolled out to all of the approximately 5.8 million rural customers of PBDAC across Egypt. Mint and PBDAC will have 90 days in which to sign a full contract which will be for a 20 year term. MINT and PBDAC will jointly invest in an existing subsidiary of the bank, eCARD (egyptian Company Agricultural Rural Development).

Mint's contract with PBDAC will also include the deployment and management of new ATM and POS equipment and network to support the card program throughout the country. Mint intends to project finance this contract and is currently in discussions with appropriate capital providers.

Executive Chairman Chris Hogg said today, "The signing of this MOU with PBDAC is a significant step for Mint and is consistent with our business strategy of rolling out payments programs to the unbanked across the MENA region. This program will provide Egyptian farmers with a card to receive their bank loan settlements to purchase supplies for their farming activities in a more measured and efficient manner and allows them to streamline financing of and payments for these supplies directly from the government through PBDAC. By using the Mint card, when the farmer goes back to the market to sell his crops, the loan is repaid and the farmer retains his profit in his card account. The ATM and POS network will provide access to this account and cash through the upgraded PBDAC branch network."

"The Egyptian administration is committed to redefining the current process and Mint is pleased to be their chosen partner to do this at such a turning point in the history of this great Arab nation", said Nabil Bader, Mint's President and CEO, also from Cairo today.

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 signing of the formal contract with PBDAC, the number of cards to be issued and the term of the contract. 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 signing of the formal contract could be delayed or not executed at all, the number of cards anticipated to be issued could be reduced and the term of the contract could be altered. 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

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 6 offices in UAE, Qatar, Jordan, USA and Canada where Mint is listed on the Toronto Stock Exchange TSX: MIT-V. Mint is soon to open a full service office in Egypt.

ABOUT PRINCIPAL BANK FOR DEVELOPMENT AND AGRICULTURAL CREDIT

PBDAC, founded in 1931 and with Total Assets of over $6 Billion is a 100% Egyptian Government owned Agricultural Bank, rendering full-fledged banking and financial services to the farmers of Egypt consequently meeting all the requirements of the comprehensive agricultural development policy of Egypt. This includes providing a full set of retail banking services in rural and urban areas, as well as financing micro, small and medium enterprises.

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