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Mint Announces Third Quarter Results
09:03 EDT Tuesday, August 01, 2006
FSC / Press Release
Mint Announces Third Quarter Results
Toronto, Ontario CANADA, August 01, 2006 /FSC/ - Mint Technology Corp.
(MIT - TSX Venture), Canada's leading provider of prepaid credit card
programs, announced the Company's financial results for the quarter
ending May 31, 2006. All figures stated are in Canadian dollars.
In the third quarter Mint was focused on the overall restructuring of
the business to ensure that the Company lines up profitable
partnerships, offers enhanced services and prepaid credit card programs
that will provide greater revenue for the Company and maximize value
for shareholders in upcoming quarters.
Following this strategy, Mint Technology's subsidiary, Mint Capital
Corp., signed a contract with FP Financial for a prepaid credit card
program which guarantees minimum monthly revenue payments from FP
Financial, totaling $1,326,000 over a 5-year period. The prepaid
program for First Nations benefit recipients will be launched in the
upcoming quarter in partnership with issuer, GE Money, the Canadian
consumer lending unit of General Electric Company. Mint will continue
to implement a monthly revenue stipulation in all contracts signed
during upcoming quarters.
Mint also launched new services and products to address growing
consumer demand for the Company's prepaid credit card products. During
this quarter, Mint launched the first nation-wide retail network
designed for reloading prepaid credit cards in Canada. The retail
network can support all of Mint's cobranded cards; making it easy and
convenient for cardholders reloading monetary funds on their cards or
purchasing a card at their local retail stores. Mint also launched the
Orbit card with InComm, the leading U.S. prepaid products and
technology provider. The Orbit prepaid credit card is available for
purchase and reloading at 275 Jean Coutu pharmacies in Canada.
"The Company's advancements and focus on restructuring the business
during the third quarter have been in preparation for the next phase in
the Company's growth. We are lining up programs, services and new
partnerships that will realize profit in upcoming quarters and provide
long-term shareholder value," said Frank Maduri, president and CEO,
Mint Technology Corp., "We have taken from our experience as leader in
the prepaid Canadian marketplace and have created a new Mint which has
never been in a better position to move forward and capitalize
financially," he added.
Revenues for the quarter were $303,059 a decrease of 2% compared to
revenues of $310,516 for the same quarter in 2005. Expenses totalled
$1,883,140 an increase of 56% over operating expenses for the same
period in 2005 which totalled $1,206,350. The increase in expenses was
partly due to a one-time cost associated with the development of new
software and a processing platform with enhanced capabilities to
address the specific requirements of upcoming prepaid credit card
programs. Further expenses were due to operational costs related to an
increased number of cardholders and prepaid program development which
will be commercially launched in upcoming quarters. The quarterly net
loss for May 31, 2006 and 2005 were $1,580,081 and $895,834,
respectively.
For more information please contact:
Dean Thrasher
EVP Corporate Development
Mint Technology Corp.
Tel: 416.581.0001 ext. 241
Fax: 416.581.1527 (private)
About Mint Technology Corp.
Mint is a leading payment solutions company. Through its' payment
platform and prepaid credit card programs, Mint is the first in Canada
to facilitate and deploy prepaid credit cards with unique features such
as co-branding and loyalty programs, and new wireless payment
alternatives such as; contactless functionality. The company is
headquartered in Toronto, Ontario.
The TSX venture exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may include statements about future events and/or financial
statements that are forward looking in nature, subject to risks and
uncertainties
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
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