Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

February 22, 2011 10:43 ET

Mint Middle East Announces Joint Venture With Leading Bill Payment Software Company for the Hashemite Kingdom of Jordan (HKoJ)

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) -

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

Mint Technology Corp. (TSX VENTURE:MIT) ("Mint or the Corporation") announced today that the Corporations Middle East subsidiary, Mint Middle East LLC, has signed a Memorandum of Understanding to establish a Joint Venture with Sadad LLC to provide on an exclusive basis an advanced bill and utility payment system platform to be deployed in the HKoJ.

Sadad is a dynamic software development company established in the UAE and is focused on developing and implementing Finance and Payment Solutions and self-service payment system kiosks.

Sadad has subsidiaries in Bahrain, Kingdom of Saudi Arabia, Russia, Kuwait and Philippines and have manufactured a unique payment terminal platform which is designed to accept a range of payments including mobile top up, utilities and bill payment through merchant based kiosks and which is currently deployed throughout these regions with both government and mobile operator client contracts.

A Joint Venture Company to be based in Amman, HKoJ is to be established and owned as to 51% by Mint Middle East LLC and 49% by Sadad pertaining to the business in the HKoJ including the contribution in the same percentage of statutory capital to the Joint Venture and the distribution of all profits.

Mint based on its experience in the HKoJ market and on its know-how will render essential assistance to the Joint Venture in meetings with the local mobile operators and other service providers including banks and public utilities organizations. Mint will also assist the Joint Venture with a Kiosk location program development in HKoJ. Sadad's role will be to provide Payment Kiosks to the Joint Venture as well as to establish a hardware and processing center in HKoJ, technical assistance and management.

Mint Middle East CEO and Corporation Director, Mr. Nabil Bader said today, "We are delighted that Mint and Sadad can combine forces and we look forward to building a unique solution for the Mobile Operators and major Banks in HKoJ to allow them to offer to consumers this state of the art payment solution".

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.

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.

Contact Information