Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

January 31, 2011 17:16 ET

Mint Files 2011 Quarter 1 Financial Statement and Reports a Further Improvement in Trading Result

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2011) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company"), announced today that it filed its 2011 Q1 Financial Statements, Q1 MD&A and related CEO and CFO certificates for the First Quarter trading performance ended November 30, 2010 (the "Q1 Filings") today.

Revenue from operations was $772,789 for the quarter ended November 30, 2010, up from $363,244 for the quarter ended November 30, 2009 (+113%).

EBITDA for the Corporations Operating Subsidiary, Mint Middle East LLC reported a positive contribution for the Quarter for the first time and Mint's CEO Chris R. Hogg said today, "We are delighted that the growth in our Middle East business is now taking hold and being reflected in its operating performance. New product launches over the next 3 months and further geographic expansion will build on this solid start to the fiscal year".

Net EBITDA loss on a consolidated basis (excluding Interest in loss of Subsidiary) from continuing operations for the quarter ended November 30, 2010 was ($459,755). This was an improvement from a net EBITDA loss from continuing operations of ($1,271,216) for the quarter ended November 30, 2009 (+64%). 

Mr. Hogg said, "The EBITDA loss was almost entirely attributable to the corporate costs of scaling down the operations in Canada and focusing all of the Corporations resources in its Middle East subsidiary".

The Net Loss for Q1 2011 was ($778,057) an improvement from a loss of ($1,350,529) in Q1 2010. The net loss per common share for Q1 2011 was $0.010 compared to a net loss per common share of $0.027 for Q1 fiscal 2010. 

Mint also completed its refilings of its quarterly financial statements, MD&A and related CEO and CFO certificates for each of the quarters in the fiscal year ended August 31, 2010 on Friday, January 28, 2011. Mint will file for immediate removal of the management cease trade order filed by the Ontario Securities Commission which was a result of a delay in filing of the Annual Financial Statements, MD&A and related CEO and CFO certificates subsequently filed as per the release dated January 26, 2011.

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.

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 forecast revenues and EBITDA for fiscal 2011. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, a slowdown in the acquisition of new customers by Mint's Middle East operations; a reduction in employment levels among Mint's Middle East customers; changes in laws and regulations which require the issuance of payroll cards to employees of certain Middle East employers; delays in distributing Mint's prepaid cards; increased competition; the ability of Mint to obtain financing and the terms of any financing; the availability of qualified personnel or management; changes in foreign exchange or interest rates; the impact of accounting policies issued by Canadian standard setters; and other factors discussed in Mint's MD&A filed on SEDAR. 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. These forward-looking statements are made as of the date of this news release.

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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