Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

December 23, 2010 16:34 ET

Mint to Refile Interim Statements

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) -

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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company"), announced today that it intends to restate and refile its interim financial statements, and related MD&A, for the periods ended November 30, 2009, February 28, 2010 and May 31, 2010. This restatement will not impact the cash flow or cash position of the Company. The restatement will record the initial 30% minority interest (now a 40% minority interest) held by shareholders other than Mint in Mint Middle East LLC. The revision will show the apportionment of the minority interest's share of losses and will lead to the recognition of goodwill of approximately $792,000 in connection with the acquisition of certain assets and liabilities of Waseela Equity LLC in September 2009. The restatement will also include the accounting treatment and allocation of the acquisition of a shareholding in Loyalty Access Solutions Inc. in November 2009. Mint expects to complete these refilings no later than January 29, 2011. Prior to filing the interim statements, Mint management determined that its accounting treatment of the minority interest in Mint Middle East LLC was acceptable. Subsequent review by the OSC and discussion with the Company's auditors has determined that the refilling is necessary.

Mint will today be placed on the defaulting reporting issuer list maintained by the Ontario Securities Commission until Mint completes its refilings.

ABOUT MINT TECHNOLOGY CORP

Mint Technology Corp. 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 on the TSX Venture Exchange.

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 date for filing the interim financial statements and related MD&A. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, any delays in completing the work necessary to restate the interim financial statements and related MD&A. 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. These forward-looking statements are made as of the date of this news release.

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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