Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

January 24, 2012 10:50 ET

Mint Meets Milestones as WPS Rankings Released for 2011

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2012) -

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Editors Note: There is one photo associated with this press release.

Mint Technology Corp. ("Mint") (TSX VENTURE:MIT) announced today that in statistics released as at December 31, 2011 by the United Arab Emirates Central Bank ("UAECB"), Mint now ranks No. 6 in Payment Approved Files ("PAF") processed out of 99 approved Wages Protection System ("WPS") Agents in the UAE (see Top 10 chart below published by the UAECB on January 10, 2012 http://media3.marketwire.com/docs/PAFStatsTop10.pdf). The UAECB measures this data by using Payment Information File Employee Data Records ("PIFEDR") submitted by approved Agents.

It is important to note that these PIFEDR records are based upon an active payroll card count coded for Mint at December 31st and is something of a lagging indicator of card numbers.

Mint has 252,453 cards billing on its platform as at December 2011. This represents AED 343,302.958 (C$96,827,051) in payroll loaded to the Mint platform in December alone.

It is important to note that this PIFEDR count for Mint neither includes the balance of cards contracted from the recent Worker's Equity ("WEH") acquisition which are still coded separately nor do these figures take into consideration an additional 30,500 cards in signed contracts from other clients in the process of being loaded to the platform and coded for Mint. All of these cards together total 424,400 cards under contract as at December 31, 2011.

Once the WEH cards acquired by Mint are fully coded by the UAECB as attributable to Mint, Mint's PIFEDR will be 3,564,960 placing Mint 2nd only to the country's largest Bank Emirates NBD.

Shareholders should note that in a press release dated July 15, 2011, relating to the WEH acquisition Mint announced, "Mint has approximately 165,000 prepaid cards under management and the addition of this portfolio together with previously announced contract wins will bring to approximately 420,000 the number of cards managed by Mint over the next 90 days following transition of the acquisition and deployment of the new contracts." Mint has exceeded this number by December 31, 2011 although completion of coding and platform transition for the balance of the Worker's Equity card portfolio is not estimated to be complete until April, 2012.

Chris Hogg, Executive Chairman of Mint, said today, "Mint's core card business in UAE is in good shape following our EBITDA positive performance to August 31st, 2011 for this Branch and will continue to grow based upon the above figures and reinforces Mint's position as a major player in the payroll and financial services sector in the UAE".

Mint President & CEO, Nabil Bader said, "Mint UAE is currently in negotiations with Employers and Exchange Houses for new contracts that, if successful, will add a further minimum of 140,000 new cards to its UAE platform this calendar year. This, on top of our growth expansion into Egypt, Jordan and Qatar puts Mint into a position of strength and solid growth within the MENA region in 2012 and beyond."

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 completion of the coding and platform transition for the balance of the Worker's Equity card portfolio by April, 2012. 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 coding and platform transition for the balance of the Worker's Equity card portfolio could potentially be delayed beyond the April, 2012 expected time frame. 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.

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