Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

April 04, 2012 11:15 ET

Mint Makes Final Payment on the Acquisition of the Client Contracts and Payroll Cards of Workers Equity B.S.C. and Updates Card Numbers

TORONTO, ONTARIO--(Marketwire - April 4, 2012) -

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Mint Technology Corp. ("Mint") (TSX VENTURE:MIT) is pleased to announce that the final payment in full settlement of the purchase price of the acquisition (the "Acquisition") of the client contracts and cards of Workers Equity Holdings B.S.C. ("WEH") originally announced on July 15, 2011 was made today in the amount of US$1,118,980, bringing the final aggregate acquisition price in connection with the Acquisition to US$3,744,200. The total cards acquired from WEH under the Acquisition and active on Mint's platform as at March 31, 2012 were 126,282, representing an increase of 11,282 cards over the 115,000 cards which were integrated on Mint's platform and disclosed in Mint's press release dated November 17, 2011. In addition, Mint has received orders for approximately 49,000 additional cards to be deployed in April and May 2012, respectively, from the client contracts and cards acquired from WEH in the Acquisition. When these cards are activated, the total number of cards on Mint's platform arising from the Acquisition will be 175,282.

Mint's Executive Chairman, Chris Hogg said today, "We have completed this acquisition significantly below the original estimated contract price of US$5,000,000 announced on July 15, 2011 and secured 60,000 more cards than forecasted in our announcement on November 17, 2011 and we are pleased with the way the integration and completion of this portfolio acquisition has gone."

Nabil Bader, Mint CEO said today, "Now that the portfolio is fully handed over to Mint and integrated into our card platform system we will be able to see the benefits of scale being delivered in our Q2 2012 numbers."

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 anticipated additional card orders being fully deployed as referred to in this news release. 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 acquisition of the prepaid card business could be delayed or fail to proceed if the completion of the private placement is delayed or fails or if any of the conditions of closing the acquisition are not satisfied. 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.

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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