TORONTO, ONTARIO--(Marketwire - April 26, 2012) -
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. (TSX VENTURE:MIT)(PINKSHEETS:MITJF) ("Mint" or "Company") is pleased to announce that its subsidiary, Mint Global Processing LLC ("MGP") and its banking partner, have passed all required testing to complete both issuing and acquiring certification from the UAE Central Bank for prepaid and ATM debit cards making MGP only the 4th Third Party Processor ("TPP") in the UAE to be authorized to connect to the Central Bank UAE Switch.
In addition, MGP will be able to market its processing services to Banks and other Card Issuers throughout the UAE as well as the GCC. Any card now issued through a financial institution in the UAE and the GCC will be accepted by the MGP platform.
Nabil Bader, Mint CEO said today, "This accomplishment is an incredible testament to the work between Mint and Carta Solutions to create a TPP platform that is only 1 of 4 currently approved by the Central Bank in the UAE. By using our own transaction platform, it reduces our costs and dependencies on outside vendors which equates to a stronger bottom line and increased revenues."
MGP plans to not only offer platform and transaction processing, but is working with its technology partner and shareholder in MGP, Carta Solutions, to incorporate mobile banking, Radio Frequency Identification (RFID) and Near Field Communication (NFC) capabilities. These technologies will allow our end users to use contactless payments on their mobile device and/or their prepaid/debit card.
Chris Hogg, Mint Executive Chairman, said today, "Receiving this certification is yet another step for Mint in reaching the business goals it has set-out for 2012. We are thrilled to have achieved this valuable approval and are confident that MGP, as both a stand-alone business and a member of the Mint family of companies, will now grow and develop over this fiscal year into a strong contributor to Mint's overall financial targets."
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include regulatory approval and Toronto Stock Exchange approval. 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 reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to the MME platform to be transferred to MGP within the time frame specified or the MGP system not going live within the next 45 days. 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. These forward-looking statements are made as of the date of this news release. 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 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 Money, a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).
For additional information please visit www.mintinc.com.
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