Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

August 14, 2012 14:25 ET

Principal Bank for Development and Agricultural Credit in Egypt Announces Implementation of Hiazah Card in Partnership With Mint

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2012) -

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Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced that Dr. Mohsen El-Batran, Chairman of Principal Bank for Development and Agricultural Credit of Egypt ("PBDAC") held a press conference on Thursday, August 9, 2012, following a meeting he had with Mohammed Fouad, Presidential Advisor to Egyptian President Morsi and Dr. Salaah Mohammed Abdul Mo'men, the newly appointed Minister of Agriculture. During this press conference, Dr. Batran confirmed that in accordance with Egyptian law, PBDAC would be working with Mint to develop the electronic payment system, Hiazah card, a unique biometric identity and payments card for Egyptian farmers. When Dr. Batran was asked at the press conference when the full details of the program would be released, he indicated that the plan needed to be presented to President Morsi for approval as this was a top priority project in the field of land reclamation and debt reduction as part of the renaissance being called for from the President. The parties involved are also working on how to present the project to the farming community in a simple, easy to understand manner.

Nabil Bader, President and CEO of Mint, said today, "I had an opportunity to meet with Dr. Mo'men yesterday and am pleased that we have been able to resume our discussions around this project now that the Egyptian government has had time to adjust to the new cabinet members. Mint is committed to assisting President Morsi and the Minister of Agriculture in not only creating 5,000 new jobs for the people of Egypt, but help to reduce the debt of Egypt's farmers, mechanize the farming industry and help to bring the Egyptian farmers into the technological era. The card program will generate revenue for Egypt and for its farmers for the next 20 years. This program will not only streamline government subsidies but will have an educational component built into the program to better the situation on the ground for the farming community."

Mint will now work with the Minister of Agriculture to do what is required to approve the project and the tri-party agreement.

ABOUT MINT TECHNOLOGY CORP

Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Capital (for Mint Money group of products), a financial products distribution company, Mint Global Processing, a fully integrated third party processing platform and, Mint Electronic Payment Services trading as ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

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