Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

May 14, 2009 13:55 ET

Mint Technology Signs Contract With UM Financial Group to Launch Prepaid Card to the Muslim Community in Canada

TORONTO, ONTARIO--(Marketwire - May 14, 2009) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) today announced the Company has signed a contract with UM Financial Group, Canada's premier Islamic Financial institution and the only Canadian entry on The Banker magazine's Top 500 Islamic Financial Institutions.

UM Financial Group is a Toronto-based, Islamic finance institution, founded by Omar Kalair in 2004, when it secured a $120 USD million Shari'ah compliant investment facility from a regulated Canadian financial institution to finance residential properties. Since then, UM Financial has developed Shari'ah-compliant investment and deposit products with financial institutions in Canada and currently operates an investment fund with a real estate brokerage.

Mint will provide UM Financial Group branded prepaid cards targeted at Canada's Muslim population. Potential customers will apply for the cards on line and at community events.

Chris Hogg, President and CEO of Mint, commented, "This latest contract with UM Financial Group, a leading Canadian financial institution, shows that Mint's product is relevant to a number of different communities with specific financial services needs."

"Partnering with UM Financial Group offers us an enormous opportunity to tap into a niche market because the Muslim population in Canada is currently approximately one million and in the last 3 decades has been doubling every 10 years. The majority of immigrants coming to Canada classified by religion are Muslims, and Islamic finance is a growing segment that can be tapped into."

"We now have our two prepaid payroll contracts in Dubai, in addition to several retail contracts in Canada, and a contract in the UK, which clearly demonstrates the increasing global need for a prepaid card in addition to Mint's ability to secure new business during a difficult economic time in financial services," added Mr. Hogg.

Omar Kalair, CEO of UM Financial Group, concluded, "Credit card debt can be lethal for the financial stability of ordinary individuals and families. Canadians will now be able to adopt the responsible, interest-free lifestyle UM Financial promotes, by living within their means and not ever having to worry about high credit card interest rates while enjoying the convenience and security offered by MasterCard®. With credit markets tightening, the majority of new credit card applications are denied. By working with Mint and its 99% approval rate, we feel our card is well-positioned to serve the day to day needs of Canadians specifically Muslim and immigrant communities."

ABOUT MINT TECHNOLOGY CORP.

Mint Technology Corp. ("Mint") is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage 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 remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT, TSX-V.

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