Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

March 09, 2011 14:30 ET

Mint Technology Announces Agreement to Purchase the Minority Interest in Its Middle East Subsidiary

TORONTO, ONTARIO--(Marketwire - March 9, 2011) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announces that the Company has entered into two agreements to purchase the 40% of Mint Middle East LLC (MME) which is not owned by Mint. MME is the subsidiary through which Mint carries on substantially all of its business.

15% of MME is to be sold by an arms length party for USD$1,500,000 cash, payable in three instalments of USD$500,000 each due on March 26, 2011, May 26, 2011 and July 26, 2011. Upon payment of each instalment, Mint will acquire 5% of MME.

25% of MME is to be sold by Nabil Bader, the CEO of MME and a director of Mint. The purchase price for Mr. Bader's interest in MME is USD$2,500,000 payable by the issuance of 20,000,000 units at a price of USD$0.125 per unit. Each unit will consist of one common share and one warrant. Each warrant is exercisable for one common share at CDN$0.15 within two years following issuance. The shares and warrants will represent approximately 17.06% of the outstanding shares of Mint on a non-diluted basis and 29.14% on a partially diluted basis.

Mint has today issued a separate press release concerning the settlement of a USD$1.5 million promissory note by the issuance of common shares to a company controlled by Mr. Bader. Following completion of the transactions described in these two press releases, Mr. Bader will own, directly or through his company, 30,714,286 common shares and 20,000,000 warrants, representing approximately 26.19% of the outstanding shares of Mint on a non-diluted basis and 36.95% on a partially diluted basis. The issuance of the shares, together with the issuance of shares and warrants to Mr. Bader described in the separate press release, will constitute a Change of Control for purposes of the TSX Venture Exchange. The issuances will also be related party transactions for the purposes of National Instrument 61-101. Mint intends to call a special meeting of shareholders on April 22, 2011 to obtain minority approval as required under National Instrument 61-101 and the policies of the TSX Venture Exchange. The issuance of the shares is expected to take place shortly after shareholder approval is obtained.

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 expected closing date of the acquisitions of interests in MME described 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 closing of the acquisition could be delayed or fail to proceed if shareholder approval or TSX Venture Exchange approval is delayed or not obtained. 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

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.

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