SOURCE: Mint Technology Corp.

June 02, 2005 09:00 ET

Tremendous Growth Potential for Mint Stated in Northern Securities Research Report

TORONTO -- (MARKET WIRE) -- June 2, 2005 -- Northern Securities Inc. recently initiated coverage on Mint Technology Corp. (TSX-V: MIT), a leading payment solutions company. Analyst Robert Bruggeman, CFA has rated Mint a Speculative Buy with a 12-month target of $1.40. Mr. Bruggeman recommends the purchase of Mint shares to investors looking for high growth companies entering new markets with vast growth potential and minimal competition.

In the Northern Securities report, Mr. Bruggeman determines that there is a tremendous market potential for Mint in prepaid cards and that the company has an early market mover advantage. He highlights early opportunities including prepaid cards for teens, the credit challenged, travel cards, as well as gift cards. Future opportunities also exist in government assistance payment cards, payroll cards and payment solutions for transit systems. Looking to the rapid advancement of prepaid cards in the U.S. to further illustrate Mint's market position in Canada (prepaid cards represent the fastest growing payment type in the US), Mr. Bruggeman states that, "The Company is in a position to become synonymous with prepaid cards in Canada and to quickly catch up to adoption levels seen in the U.S."

Various industry tracking groups, including The Nilson Report, DataStream, Edgar and Dunn & Company have forecast that by 2007 there will be a 13% penetration or $146 billion value of transactions taking place using stored value cards in the US.

A copy of the research report can be found at the following link; http://www.mintinc.com/investors.do under "Stock Information" and then in the "Financial Reports" section.

To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website www.mintinc.com.

About Mint Technology Corp.

Mint is a leading payment solutions company that develops and markets new types of electronic payment applications in the financial sector. Through its payment platform, Mint facilitates and issues prepaid MasterCard® cards with unique features such as co-branding, Municipal Parking cards and new wireless payment alternatives such as; MasterCard cards with PayPass™ functionality and cellphone based Parking. The company is headquartered in Toronto, Ontario. To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website at www.mintinc.com.

Investors can visit http://www.agoracom.com and participate in the Mint Technology investor discussion and contact forum. Investors can also e-mail any questions directly, or request ongoing information by e-mail list at MIT@Agoracom.com

The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may include statements about future events and/or financial statements that are forward looking in nature, subject to risks and uncertainties.

Contact Information

  • For further information contact:
    Dean Thrasher
    Executive Vice President, Corporate Development
    Mint Technology Corp.
    Phone: 416-581-0001
    Fax: 416-581-0006
    Email: Email Contact