Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

March 09, 2011 14:29 ET

Mint Technology Announces Proposed Promissory Note Settlement

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 agreed to settle a promissory note for USD$1.5 million which is outstanding from the purchase of 60% of Mint Middle East (MME) in September 2009. Mint has agreed to issue 10,714,285 common shares at C$0.14 each in satisfaction of this debt. The shares will be subject to an agreed trading restriction which prevents the holder from selling the shares until January 8, 2012.

The promissory note was issued to Waseela Equity LLC, along with a note for USD$1.0 million which is not affected by this settlement, when Mint purchased its 60% interest in the assets which now form Mint Middle East LLC. The promissory note will be purchased for face value by a corporation controlled by Nabil Bader, the CEO of Mint Middle East LLC and a director of Mint. That corporation will accept the common shares in settlement of the promissory note. The issuance of the shares is subject to the satisfaction of a number of conditions, including shareholder approval and TSX Venture Exchange approval. The shares issued in settlement of the promissory note will represent approximately 9.14% of the outstanding shares following issuance.

Mint has today issued a separate press release concerning the purchase of Mr. Bader's 25% interest in Mint Middle East LLC. 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 closing and the expected closing date of the transaction 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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