For Immediate Release
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, Ontario - January 22, 2013 - Mint Technology Corp. (TSX Venture: MIT) ("Mint" or the "Company") announces today an update of recent material events as summary guidance to the market.
Mint Middle East ("MME") signed a contract with Habib Exchange in October 2012 and has issued 44,000 cards for that contract. This is now Mint's largest payroll card contract. Of the 44,000 cards issued, it is expected that all will be billed by the end of January.
MasterCardTM certification has been approved for Mint Global Processing ("MGP") through Ajman Bank. MGP will begin issuing MasterCardTM enabled payroll cards to a certain part of MME's portfolio from next month.
Mint Electronic Payment Services ("MEPS"), formerly E-Pay, has deployed 2,000 point of sale ("POS") machines since the purchase of E-PAY in July, 2012, nearly doubling the number of POS machines in service. Transaction volumes are dependent upon increasing the current credit limit with Etisalat and will require additional financing.
Mint Capital LLC ("MC") completed its pilot program of 550 micro finance loan agreements in October 2012. MC delivered a 100% collection rate (0% late or default) for both November and December on this portfolio. MC currently has 850 approved applications waiting funding and is in due diligence with lending Institutions for the provision of a wholesale finance facility.
Notwithstanding the announcement earlier today by Mint regarding the termination of the contract with Speed Remit Group of Companies, Mint is still very focused on executing its business strategy in regards to money transfer services. Mint is in active discussions with a number of mobile commerce and mobile remittance service providers with a view of launching its own Money Transfer system to service the cardholders of MME.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements, including the risk that the Company may not receive all necessary approvals to proceed with those transactions. 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. Actual results could differ materially from those anticipated due to a number of factors and risks. 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. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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 delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and 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 TSX Venture Exchange: MIT.
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.
For additional information please visit www.mintinc.com or contact: Mint Technology Corp.
|Nabil Bader |Nicole Souadda Head of Compliance and|
|President & CEO Tel:|Investor Relations Tel: 610-995-2655 |
|+971 506457719 |firstname.lastname@example.org |
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