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CEO's Letter To Shareholders
09:24 EDT Tuesday, August 01, 2006
CEO's Letter To Shareholders
Toronto, Ontario CANADA, August 01, 2006 /FSC/ - Mint Technology Corp.
(MIT - TSX Venture), issued the following Letter to Shareholders today
from the Company's president and CEO Frank Maduri:
Dear Shareholders,
As we enter the fourth quarter, we are extremely encouraged by the
signs we see in the marketplace. The level of interest and demand for
prepaid credit cards is unprecedented and we are confident that many of
these opportunities will translate into stronger revenue in the months
and quarters ahead.
Markets
There is very little doubt that we have established ourselves as a
leader and important stakeholder in the prepaid credit card industry,
as evidenced by the number and type of prepaid programs we are involved
in.
Our recent announcement with First Peoples Financial demonstrates our
ability to attract programs of this caliber, such as payroll and
government benefits cards. Aside from programs such as these which
guarantee recurring revenue, we will target other brands that are
strategic to consumer-focused programs. Upcoming announcements will
further reinforce our position as a leader in the industry.
Re-Engineering
In the past quarter, aside from harvesting our existing programs, we
have continued to execute a multifaceted restructuring and realignment
plan. This plan, which was undertaken earlier this year, is aimed at
preparing the company for the future by strengthening the fundamentals
of the business including:
* Management Team and Board of Directors
We have begun reconstituting the board and management team. Recent
appointments such as Jonathan Carroll, President and CEO of
iTravel2000.com, demonstrate our ability to attract talent that will
provide vision and corporate governance for the years to come.
* Strategic Investors and Partners
We are attracting strategic investors, such as GE Money who will also
act as a partner to issue prepaid cards.
* Research and Development
We are nearing the completion of our second major release of prepaid
software, which will result in dramatic improvements in efficiencies,
savings, customer satisfaction and revenue. The savings, which are
related to reductions in operational costs, translate into enhanced
margins and an improved bottom line. This software release comes on the
eve of our first commercial launch in September 2005 and subsequent
launches - a major accomplishment for a company that has been involved
in the prepaid credit card industry for approximately one year.
* Focus
We are increasingly becoming focused on prepaid credit card programs
that generate guaranteed recurring revenue. To do so, we are winding
down non-core and non-performing products such as mobile parking, which
will free up financial and employee resources.
Financials
In the forthcoming quarters, we will be undertaking a thorough review
of all aspects of our operations and will determine what steps are
necessary for Mint to remain competitive and financially strong. We
anticipate taking measures to reduce our operating expenses up to 20%
relative to the third quarter.
The addition of our newest upcoming programs, such as benefits and
payroll cards, will guide us and enable us to realize profits in
upcoming quarters. We are confident and optimistic about the business
as we enter the fourth quarter and look forward to fiscal 2007. We will
continue to execute our plan and focus on initiatives that we believe
will bring long-term value to our shareholders.
Once again, I would like to extend my thanks to our employees, our
shareholders and other business partners for their support and patience
as we move forward to realize the full potential of Mint.
Sincerely,
Frank Maduri
President and CEO
The TSX venture exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this letter to
shareholders. This letter to shareholders 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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