Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

July 20, 2011 11:19 ET

Mint Technology Provides Management Update

TORONTO, ONTARIO--(Marketwire - July 20, 2011) -

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Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) announces today an update of recent events as summary guidance to the market of the Company's recent milestone achievements previously released:

  • Mint has closed the acquisition of the payroll card portfolio of Workers Equity BSC providing an additional 175,000 cards, 78 corporate clients, 5 money exchange houses and a business presence in Qatar with recent contract wins (see below). Mint expects to have approximately 420,000 active cards by calender Q4 of this year.
  • Mint appoints Mr. Ali Jarallah to its management team. Mr. Jarallah was previously the senior manager responsible for the Wages Protections System at the Central Bank of UAE bringing 27 years of Central Bank administration experience and a wide contact base of banks throughout the MENA region. Mr. Jarallah will primarily have a business development role with Mint working with banks that may choose to divest payroll card portfolios.
  • Mint has closed a total of $5,348,265 in new financing through the issue of 42,786,120 units at $0.125 comprising a common share and a warrant exercisable at $0.15 by May 31, 2013.
  • Mint has closed the acquisition of 40% of its main operating subsidiary Mint Middle East LLC from Nabil Bader and Maher Kaddoura, both officers of the Company, for the sum of USD$4,000,000 by issue of 26,902,400 units at $0.125 comprising a common share and a warrant exercisable at $0.15 by July 7, 2013 and payment of USD$500,000 in cash bringing to 100% its interest in this subsidiary.
  • Mint has established partnerships and offices in The Hasemite Kingdom of Jordan and Qatar in order to expand its business products and services beyond UAE.
  • Mint has signed new contracts with Al Alhia Money Exchange, a leading Money Transfer company with employer customers with between 55,000 – 65,000 payroll cards and Drake and Scull, a respected engineering group for the issue and management of an additional 3,500 payroll cards.

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 number of active cards by calendar Q4 of this year. 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 number of active cards by calendar Q4 of this year could vary or not be as projected. 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.

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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