Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

January 26, 2011 14:55 ET

Mint Files Annual Financial Statements

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2011) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company"), announced today that it filed its Annual Financial Statements, Annual MD&A and related CEO and CFO certificates for its fiscal year-ended August 31, 2010 (the "Year End Filings") on January 24, 2011.

The Year End Filings were due on December 29, 2010. As a result of the delay in filing, the Ontario Securities Commission issued a management cease trade order that prohibits the CEO, CFO and Board of Directors of the Company from trading in securities of Mint until the Year End Filings have been filed. In order to remove the management cease trade order, Mint must also re-file 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. Mint expects to complete the filing of the quarterly information on January 28, 2011.

Revenue from operations was $2,388,515 for the year ended August 31, 2010, up from $469,371 for the year ended August 31, 2009 (409%). Total revenues for the month of November were $279,000. Mint is forecasting revenues of $8,000,000, and EBITDA of $2,000,000, for fiscal 2011.

Net EBITDA loss (excluding stock based compensation and after minority interests) from continuing operations for the year ended August 31, 2010 was $3,178,892. This was up from a net EBITDA loss from continuing operations of $2,665,222 for the year ended August 31, 2009 (12%).

The net EBITDA loss included a significant component attributable to the one-time costs of deconstructing the Corporation's Canadian operations as part of a plan to concentrate the Corporation's resources in building the Middle East business.

The net loss for 2010 was $4,688,126, up from a loss of $3,763,280 in 2009. The net loss per common share for fiscal 2010 was $0.08 compared to a net loss per common share of $0.137 for fiscal 2009. 

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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