Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

February 14, 2012 15:25 ET

Mint Provides Management Update

TORONTO, ONTARIO--(Marketwire - Feb. 14, 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) announces today an update as guidance to the market of the Company's recent business development announcements:

Mint Money

Referring to the announcement on December 29, 2011, Mint Money ("MM") has completed investor presentations in the United States and is currently negotiating terms for the US$50,000,000 structured credit facility necessary to launch MM's microcredit and payday loan products. Subject to a satisfactory facility being approved, Mint expects MM to begin approving loans no later than March 31st, 2012. Mint reaffirms its expectation that an excess of 40,000 loan contracts (10% of our current payroll card customer base) will be closed during the 2012 fiscal period.

Mint Egypt

Mint refers to the announcement on January 16, 2012, and can confirm that Mint Egypt has now opened an office in Cairo, appointed legal and accounting advisors, and completed draft contracts which are now in the hands of our clients' legal representatives. A further update will be provided in the next 14 days on progress to execute these agreements and commence business operations. In addition, proposals have been sought from 3 specialist vendors for the biometric component of our successful contract bid and these are currently being evaluated.

Mint Global Processing

Since Mint's announcement on October 17th, 2011 regarding the formation of Mint Global Processing ("MGP"), MGP has completed the off line build of its new third party transaction platform ready to assume transition of Mint Middle East LLC's ("MME")'s payroll cards. Online testing will commence on February 25th, 2012, for a period of 21 days. Subject to satisfactory testing results and subsequent certification, Mint expects MGP to be operational no later than April 30th, 2012.

Mint Qatar

Mint is pleased to confirm that the terms of the shareholder's agreement with our local partner have now been agreed and business is expected to commence by April 30, 2012. Mint has existing UAE customers operating in Qatar and has firm expressions of interests to move to contract for these customers and reaffirms its expectation of achieving its 2012 target of 96,000 new payroll cards in Qatar. Once client contracts are signed, further announcements will follow.

Mint Jordan

MME is pleased to announce that it has signed a joint venture agreement with CARDeX Corporation ("CARDeX") to launch a payroll card program in Kurdistan, Northern Iraq to be based in Irbil, Iraq. CARDeX is a company associated with one of Mint's shareholders, Antoine Nohra, and the terms of the JV agreement provide for CARDeX to finance, manage and control the Iraq operations using the MGP technology platform and MME's know how and intellectual property under a "cost plus" contract. CARDeX, with Mint's assistance, has recently signed a banking services agreement with National Bank of Iraq. Mint will service this agreement from its office in Amman, Jordan.

Mint Saudi Arabia

Mint recently completed preliminary due diligence with a potential business partner being one of Saudi Arabia's leading banks and more information will be made available as to the likelihood of a firm contract and business commencement in the next 60 days.

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 the approval of microcredit and payday loans through Mint Money by March 31st, 2012, the closing of a minimum of 40,000 loan contracts in fiscal 2012, the commencement of online testing of Mint Global Processing's platform, the commencement of operations of Mint Global Processing by April 30th, 2012, the start of issuing payroll cards through Mint Qatar by April 30, 2012, and signing 96,000 new payroll cards through Mint Qatar in fiscal 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 approval of microcredit and payday loans could be delayed, online testing of Mint Global Processing's platform could be delayed or exceed the expected time period thereby delaying the commencement of operations beyond April 30, 2012, the commencement of issuing payroll cards through Mint Qatar could be delayed and the amount of cards issued through Mint Qatar for fiscal 2012 could vary from projections. 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.

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