TORONTO, ONTARIO--(Marketwire - Feb. 25, 2013) -
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Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company") Further to the announcement on February 20, 2013, Mint is pleased to announce the formal signing of the Joint Venture Agreement, Shareholders Agreement and Management Agreement for Mint ECARD JSC took place at an official ceremony today in Cairo, Egypt.
Mint CEO, Nabil Bader, said today, "I am pleased the hard work of Ali Jarallah, Managing Director of Mint Egypt, the Mint team and those involved at ECARD (Egyptian Company for Agricultural and Rural Development) over the last 2 years has finally come to fruition. This partnership is another step towards Mint's goal to become the recognizable name within the MENA region for providing financial services and payments solutions to very large communities of unbanked, rural workers."
Mint Executive Chairman, Chris Hogg, said today, "This is a giant step forward for the cross border deployment of Mint's fully integrated payments platform and the value it creates for Mint as a regional payment services provider will become evident as we roll this project out. The ability for Mint to leverage the platform and services we have built in the UAE in MENA's largest and most populous country is a significant achievement."
Within the next 30 days, Mint will provide formal guidance to the market on Mint ECARD JSC's first project being the building and deployment of a prepaid card, ATM, and POS network platform for Egyptian farmers to be launched initially through 40 locations within 3 - 4 Egyptian governorates. The guidance will include card numbers, investment required and proposed financing structure, expected revenues and profits for 2013 and 2014.
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. 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.
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.
Mint Technology Corp.
President & CEO
Mint Technology Corp.
Head of Compliance and Investor Relations
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