Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

February 15, 2012 15:44 ET

Mint Grants Incentive Stock Options

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2012) -

NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Mint Technology Corp. ("Mint")(TSX VENTURE:MIT) announced today that it has approved the granting of incentive stock options to employees, officers and directors of the company and its subsidiaries for the purchase of 5,800,000 common shares at $0.175 per share. The options will expire on January 23, 2017 and comprise 2.1% of the fully diluted common stock of Mint.

Mint engaged an independent compensation consultant, Perrault Consulting, who provided the Mint Compensation Committee with comparables of other venture companies with similar financial profiles and the Mint Compensation Committee which comprises two independent Directors accepted same.

The options included the following options granted to directors and officers:
Chris Hogg, Executive Chairman (2,200,000 options)
Nabil Bader, CEO (1,650,000 options)
Terry Walter, CFO (250,000 options)
Michael Pesner, director (500,000 options)
Roger Rai, director (250,000 options)
William White, director (300,000 options)

The balance was issued to key Mint employees.

The options granted to the directors, Chris Hogg and Nabil Bader will vest on January 23, 2013 as to 50%, with the balance to vest on January 23, 2014. The options granted to all others will vest as to one third on January 23, 2013, with a further one third to vest on each of January 23, 2014 and January 23, 2015.

The stock option plan has been amended to provide that any unexercised options will expire on the earlier of the scheduled expiry date and (i) immediately, if the holder is dismissed for cause, (ii) 30 days after the holder resigns or is terminated not for cause, (iii) 180 days after the holder's employment ends as a result of death or long term disability, and (iv) 2 years after the holder retires after age 65 or after both age 60 and 5 years service with the Company. The stock option plan has been amended to provide that all options will vest if there is a change of control of the Company or if the Company sells all or substantially all of its assets or if the board of directors otherwise determines. The stock option plan has also been amended to provide that the exercise price of any options granted under the plan will not be less than the closing price of the Company's common shares on the day preceding the day on which the directors grant such options. If that closing price is less than $0.10, a minimum exercise price of $0.10 per share is required under TSX Venture Exchange rules.

Following the grant of these options, there were 7,410,000 shares which could be issued upon exercise of all outstanding options under the Company's stock option plan and 11,193,644 shares which remained available to be optioned under the stock option plan.

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 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

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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