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News for Mint Technology Corp. |
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Breaking
News
A Canadian First: First Nations to
Receive Social Assistance Benefits on Prepaid Cards
08:30 EDT Tuesday, July 18, 2006
Native Communities to be Empowered by having own Financial Services
Product
TORONTO, July 18 /CNW/ - Mint Capital Corp., a subsidiary of Mint
Technology Corp. (TSX-V: MIT), and FP Financial Ltd. announced today
that the company's have partnered to provide the first prepaid
financial services product inCanada used to remit recurring social
assistance benefits to Canada's First Nations communities. As a
replacement for traditional paper cheques, the FirstPeoples Prepaid
Benefits Card program will allow administrators and benefit recipients
to take advantage of direct financial savings, convenience and the
added safety and security that a traditional credit card offers.
Under the FirstPeoples Prepaid Benefits Card program, social assistance
benefits can be remitted monthly onto personalized prepaid cards and
recipients will then be able to have immediate access to funds;
withdrawing funds from ATMs and making purchases everywhere traditional
credit cards are accepted. The First Nations prepaid card addresses the
real needs of benefit recipients. On average, recipients spend
countless hours in line each month waiting to receive their cheques and
many must then travel outside of their communities to cheque cashing
facilities. The majority of benefit recipients in Canada's native
communities do not have traditional banking relationships and rely
solely on cheque cashing facilities losing, on average, 3% of their
monthly benefits income plus a$2.50 to $3.00 fee per cheque for this
service. Reviewing a case study of an average family with several
children receiving monthly benefits of$724.48 and using this service,
cashing a cheque costs approximately $24.23 each month, or $290.76 a
year. In addition to financial savings and convenience, the
FirstPeoples Prepaid Benefits Card is far safer than carrying cash, and
cardholders benefit from a zero liability policy if their card is lost
or stolen.
First Nations administrators currently rely on paper cheques for
monthly benefits distribution and by implementing the FirstPeoples
Prepaid Card program in their communities, it will provide efficiency
in their program delivery and allow a significant decrease in costs via
direct operational savings. On average, there is a$3.60 processing and
clearing fee per cheque and an additional $3.00 spent on
administration. As a plastic substitute for these costly cheques, this
convenient method of distribution will reduce administration expenses,
eliminate the cost of processing cheques and reissuing lost or stolen
cheques.
"We believe that providing a First Nations prepaid card will directly
lead to empowerment in our communities. Millions of funds yearly are
wasted on costs associated with social assistance benefits being
distributed through cheques - immediate and long term saving for both
our communities and for individuals in our communities has been a huge
motivator for us to move quickly with this program. These savings can
ultimately be invested back into our future," saidLee Price ,
President, FP Financial Ltd, "Every dollar saved is another dollar that
can be used for community improvements whether it be schooling,
promoting cultural activities or general community infrastructure
enhancements and economic growth," he added.
The Company has granted 75,000 options to Mr. Rai at an exercise price
of $0.10 per share, expiring on December 2, 2008.
Mint is able to offer prepaid cards in Canada through its partnership
with GE Money, an agreement signed in late 2005 that included an equity
stake in Mint for GE Money.
About Mint Technology Corp.
Mint is a leading payment solutions company. Through its payment
platform and prepaid credit card programs, Mint is the first inCanada
to facilitate and deploy prepaid MasterCard(R) cards with unique
features such as co-branding and loyalty programs, and new wireless
payment alternatives such as; MasterCard cards with PayPass(TM)
functionality. The company is headquartered inToronto, Ontario. To find
out more about Mint Technology Corp. (TSX-V: MIT), visit our website at
www.mintinc.com.
About FirstPeoples Financial Ltd.
FirstPeoples Financial (FP) is an Aboriginal company that provides
financial services that make sense and meet the needs of Canada's First
Nations by modernizing the systems in which they manage and engage
their personal finances. Working with the most trusted financial and
technology companies inCanada , FirstPeoples Financial will offer
innovative products and services that are engineered to help grow
economies and help improve the quality of life for the First Nations
inCanada.
The company is headquartered in Winnipeg, MB. To find out more about FP
Financial Ltd and their other value-added community services, visit
their website at www.fpfinancial.ca
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 further information:
Mich Ahern,
Manager, Public Relations, Mint Inc.,
c: (416) 454-8060,
o: (416) 581-0001, EXT. 216,
e: mahern@mintinc.com
Lee R. Price,
President, FP Financial Ltd,
o: (204) 987-2660,
e: lrprice@fpfinancial.ca
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