Toronto, Ontario - January 29, 2013 - Mint Technology Corp. (TSX Venture: MIT) ("Mint" or the "Company") is pleased to announce that it signed a Memorandum of Understanding with Arab Link Money Transfer (PSC) ("Arab Link") today in Abu Dhabi. Arab Link is a new exchange house based in Abu Dhabi and is licensed by the Central Bank and the Ministry of Labor of the UAE.
Arab Link provides a comprehensive range of currency exchange and money transfer services for individuals and businesses. A formal Remittance Product Agreement ("RPA") will be developed and executed over the next 30 days. Mint and Arab Link will then begin to offer Money Transfer services to Mint's payroll cardholder base in UAE for sending money home.
Mint payroll cardholders will be able to access money remittance services through Mint ATMs, Mint POS machines, mobile remittance and directly through Arab Link. Beneficiaries of funds will be able to receive funds as cash over-the-counter, credit to their bank account and door-to-door delivery where available.
Nabil Bader, Mint CEO, said today, "Mint recently announced a change of course in respect to our money remittance delivery strategy. This is a very fast moving business with new technologies and service providers entering the space all the time. Mint is a very large customer for any of these providers. Our partnership with Arab Link is a low risk, lower reward strategy than the previously announced acquisition but one we are now more comfortable with following completion of the Arab Link negotiations. Mint and Arab Link have agreed a revenue share arrangement on a per transaction basis."
Chris Hogg, Mint Executive Chairman, said today, "Changing course is part of building a dynamic business model in a very fast growing market. We have to be ready to respond. We are delighted with the potential of this new relationship with Arab Link which enables us to now complete our value added services offering in addition to our existing mobile top up and micro finance business units."
"The UAE remittance market continues to grow and our partnership with Mint is aimed at capturing a sizable share of this market, whilst simplifying the money transfer process, making it more convenient, quicker and less costly for customers," said Rob Groombridge, CEO of Arab Link.
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 ARAB LINK MONEY TRANSFER PSC
Arab Link Money Transfer PSC is an exchange house headquartered in Abu Dhabi, United Arab Emirates and licensed by the Central Bank of the UAE. Arab Link provides a comprehensive range of remittances, currency exchange & value added services for individuals and businesses.
Arab Link currently has one branch located in the Tourist Club Area of Abu Dhabi and a second branch in Bur Dubai. Arab Link has branch licenses available and plans to open more branches over the next 6 months across the UAE. In addition, Arab Link plans to develop and enhance its position in the UAE market by establishing new correspondent relationships, developing innovative distribution channels and launching new products and value added services for its customers in the UAE.
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.
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