Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

December 23, 2010 16:34 ET

Mint's Annual Financial Statements Delayed

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

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT), announced today that it will be late in filing its annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year-ended August 31, 2010 (the "Year End Filings"). The Year End Filings are required to be filed no later than December 29, 2010. The late filing of the Year End Filings is due to flight cancellations resulting from the snow storms in Europe which have prevented the Company's auditors, Grant Thornton LLP, from traveling to Dubai for a review of the auditor's files in Dubai. That review is a requirement under accounting and auditing guidelines given the significant contribution by Mint's subsidiary, Mint Middle East LLC, to the annual results of the Company. The auditor's flight will be rescheduled as soon as possible. Management anticipates that the Year End Filings will be filed by January 10, 2011.

As a result of this delay in filing, Mint has requested that its principal regulator, the Ontario Securities Commission, issue a management cease trade order that prohibits the CEO, CFO and Board of Directors of the Company from trading in securities of Mint until the Year End Filings have been filed. The issuance of a management cease trade order would not affect the ability of persons who are not directors, officers or other insiders to trade Mint shares. If the Ontario Securities Commission does not agree to issue a management cease trade order, a cease trade order will be issued so long as the Year End Filings have not been made. The issuance of a cease trade order would prevent trading in Mint shares generally and the issuance of any securities by Mint.

The Company intends to satisfy the provisions of the alternative information guidelines in National Instrument 12-203 so long as the Year End Filings have not been made, including the issuance of default status update reports every two weeks during that period.

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 Year End Filings and the issuance of a management cease trade order rather than a cease trade order. 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 arranging for the Company's auditors to visit Dubai, any unexpected result of that review and any decision of the Ontario Securities Commission to impose a cease trade order rather than a management cease trade order. 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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