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News for Mint Technology Corp. |
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Breaking
News
Mint Announces Restructuring And
Expected Charges
08:00 EST Wednesday, February 14, 2007
FSC / Press Release
Mint Announces Restructuring And Expected Chargesa
Toronto, Ontario CANADA, February 14, 2007 /FSC/ - Mint Technology
Corp. (MIT - TSX Venture), announced today the restructuring of its
Mint Inc. and Mint Commerce Inc. subsidiaries. Charges for the
restructuring include a workforce reduction of approximately 11
full-time and part-time employees, and independent contractors, or 35%
of the Company's total workforce. As part of its restructuring, the
Company will also look to downsize its' excess rental facilities.
The restructuring charges are expected to be between $110,000 to
$120,000. Such charges are anticipated to be recorded in the second and
third quarters of fiscal 2007, with the majority being recorded in the
second quarter. All of the restructuring charges are expected to be
cash charges. It is predicted that the restructuring charges will
include approximately $100,000 associated with the reduction in the
Company's workforce. Furthermore, the restructuring charges are likely
to include approximately $10,000 to $20,000 in non-workforce related
expenses. In fiscal 2008, the Company foresees the cost and operating
expense savings from this restructuring to grow to approximately $1.1
million as it achieves the full-year run rate on programs implemented
in fiscal 2007.
Although the Company wound down its wireless parking activities prior
to fiscal year-end August 31, 2006, it is continuing to pursue
opportunities for the licensing of its' technology.
"A year ago, we put in place a plan to make Mint a profitable and
stronger Company with a greater focus on lucrative opportunities and
more efficient operations", states Frank Maduri, president and CEO,
Mint Technology Corp. "Today's announcement demonstrates our commitment
to making this happen. This was a difficult but necessary step that
will realign our resources with a streamlined suite of products that
will assert our leadership in this emerging industry."
- 30 -
For further information please contact:
Dean Thrasher
Executive Vice President
416-581-0001 EXT. 241
dthrasher@mintinc.com
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.
Forward-Looking Statements: Except for statements of historical fact,
all statements in this news release - including, without limitation,
statements regarding future plans and objectives, are forward-looking
statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange Has Not Reviewed And Does Not Accept
Responsibility For The Adequacy Or Accuracy Of This Release.
Source: Mint Technology Corp. (TSX-V: MIT) www.mintinc.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
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