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News for Mint Technology Corp. |
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Breaking
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Mint Announcement
15:32 EDT Thursday, August 03, 2006
FSC / Press Release
Mint Announcement
Toronto, Ontario CANADA, August 03, 2006 /FSC/ - Mint Technology Corp.
(MIT - TSX Venture), announces that its subsidiary, Mint Inc., was
served on August 2, 2006 with a writ of summons and statement of claim
commenced by Peoples Trust Company, HorizonPlus Card Services Limited
and HorizonPlus Card Services in the Supreme Court of British Columbia
at Vancouver. The plaintiffs allege that Mint Inc. breached the JV
agreement entered into by the parties on or about February 23, 2005. By
way of relief, the plaintiffs seek unspecified damages among other
matters. Mint Inc. intends to challenge the proceeding as it believes
that the plaintiffs' allegations are devoid of legal or factual merit.
Mint Technology Corp. and its other subsidiaries are not parties to the
JV agreement. Nonetheless, the plaintiffs allege that the prepaid card
programs offered by another Mint Technology Corp. subsidiary results in
a breach of the JV agreement to which it is not a party. Mint
Technology Corp. believes that the proceeding is a response to Mint
Inc. commencing action against Peoples Trust Company and HorizonPlus
Card Services Limited Partnership as announced on July 26, 2006.
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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
For more information please contact:
Dean Thrasher
EVP Corporate Development
Mint Technology Corp.
Tel: 416.581.0001 ext. 241
Fax: 416.581.1527 (private)
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
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