Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

May 02, 2011 18:17 ET

Mint Files 2011 Quarter 2 Financial Statements

TORONTO, CANADA--(Marketwire - May 2, 2011) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company"), announced today that it filed its 2011 2nd Quarter ("Q2") Financial Statements, Q2 Management Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q2 trading performance ended February 28, 2011 (the "Q2 Filings") on April 29, 2011.

Revenue from operations was $768,775 for the quarter ended February 28, 2011, up from $582,736 for the quarter ended February 28, 2010 (+32%). Revenue for the 6 months ended February 28, 2011 was $1,541,564 up from $945,980 for the 6 months ended February 28, 2010 (+ 63%).

EBITDA for the Corporation's operating subsidiary, Mint Middle East LLC, reported a positive contribution for Q2 2011 of $ 77,130 up from $6,007 for 1st Quarter, 2011.

Mint's CEO Chris R. Hogg said today, "We are pleased that the growth in our Middle East business continues and that we are EBITDA positive in the operating business."

Mr. Hogg said, "Following the announcements of April 21, 2011 of the major 65,000 card contract win, the acquisition of the Mint Middle East minority interests announced on March 9, 2011 (subject to shareholder approval) together with the closing of further Debenture financings announced earlier today in the sum of $1,665,000, the Corporation is well positioned to accelerate growth in our core markets and this sets up well for the delivery of a consolidated EBITDA positive result by 4th quarter of this year. "

Net EBITDA loss on a consolidated basis (excluding Interest in loss of Subsidiary) from continuing operations for the quarter ended February 28, 2011 was ($432,904). This was an improvement from a Net EBITDA loss from continuing operations of ($1,310,083) for the quarter ended February 30, 2010 (+ 67%).

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 delivery of a consolidated EBITDA positive result as of 4th quarter of this fiscal year. 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, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. Meeting a marker of consolidated EBITDA positive results assumes delivery of the contracted cards on time and on budget. 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, delays in delivery of contracts to customers, as well as the risk that there is a lack of demand for Mint's services 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 new 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. 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 laws.

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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