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Mint Technology Corp. ("Mint" or "the Company") (TSX: MIT-V) today announced that it has released results for year ended August 31, 2008. All amounts in this news release are in Canadian Dollars, unless otherwise stated.
For the year ended August 31, 2008, Mint reported a net loss of $2,790,745.00, down significantly from a net loss of $5,003,496.00 for the period of August 31, 2007. The net loss reduction is due to a number of factors, primarily a reorganisation of the business since the new Board of Directors was appointed in March 2008. Mint has taken a number of steps to establish new projects while continuing the successful MuchMusic program.
<< OPERATIONAL HIGHLIGHTS 2008 - New contract signed with Transguard Group, U.A.E to manage prepaid payroll cards - New contract signed with Yep! Mobile, ("Yep!") a Montreal based mobile media company to provide prepaid cards through Facebook Platform applications targeted at the youth phenomenon of "social gaming" - Entered into an agreement with Silverback Media PLC to introduce mobile technology for financial payments for existing MuchMusic MasterCard(R) holders - Entered into an agreement with IMT Cards LLC for IMT to exclusively manage Mint's prepaid debit card programs in the United Kingdom and UAE - Mint is in advanced stage negotiations for contracts with other groups in Canada, United Kingdom and the U.A.E to roll out new prepaid card programs >>
Additionally, salaries and benefits decreased significantly in 2008 due to a significant reduction in full time and contractor IT personnel and operational staff. Staffing in the sales and marketing area has decreased in 2008 to reflect Mint's strategy to focus on development of the second generation of the Prepaid Card platform using new distribution channels introduced by the new Directors. In March 2008, a group of experienced consumer finance investors invested $1,100,000 and acquired a fully diluted stake of 67% in Mint and are executing a Business Plan to focus the Company in a specific product range using their network of contacts into the US, UK, China, Europe and the Middle East. The Company has opened representative offices in London and Dubai. A further $1,000,000 of new capital has been introduced since June 2008.
OUTLOOK FOR 2009
Mint is confident of new revenues from new customer partnerships and prepaid card programs will begin to accrue to the Company from Q1 2009 and is forecasting a net profit for fiscal 2009.
Additional information on Mint's fiscal 2008 financial results is available in the financial results published by the Company with SEDAR at www.sedar.com.
ABOUT MINT TECHNOLOGY CORP.
Mint Technology Corp. ("Mint") is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard(R) Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. Mint also provides services for those clients looking to move towards 'next generation' payment methods that include chip, internet, data mining and mobile phone load and remittance technologies. Mint's prepaid card products include general spending for the underserved, youth and employee payroll. Stock Symbol: MIT, TSX-V.
Forward-looking Statements.
Certain statements in this news release may constitute "forward-looking" statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "expect", "believe", "plan", "intend", "are confident", "anticipate" and other similar terminology. These statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mint, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These 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, should not be read as guarantees of future performance or results, and 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, delays in rolling out card programs now under contract, the ability of Mint to obtain financing and the terms of any financing, the possibility of technical, logistical or planning issues in connection with deployment of Mint's products and solutions, demand for Mint's products, and other factors discussed in Mint's MD&A filed on SEDAR. 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 new 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, and Mint assumes no obligation to update or revise them to reflect new events or circumstances.
<< THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. >>
SOURCE: Mint Technology Corp.
please visit www.mintinc.com or contact: Mint Technology Corp.: Chris Hogg, President and CEO, Tel: (416) 581-0001 ext. 222, Email: chogg@mintinc.ca; Dawn Mandarino, CFO, Tel: (416) 581-0001 ext. 229, Email: dmandarino@mintinc.ca; CHF Investor Relations: Lindsay Carpenter, Account Manager, Tel: (416) 868-1079 ext. 239, Email: lindsay@chfir.com; To receive Company news via email, contact mirna@chfir.com and mention "Mint news" on the subject line
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