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Press release from Marketwire

Mint Signs Definitive Agreement With the Saudi Investment Bank for Prepaid Cards in the Kingdom of Saudi Arabia

Monday, March 11, 2013

Mint Signs Definitive Agreement With the Saudi Investment Bank for Prepaid Cards in the Kingdom of Saudi Arabia13:36 EDT Monday, March 11, 2013TORONTO, ONTARIO--(Marketwire - March 11, 2013) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.Mint Technology Corp. (TSX VENTURE:MIT) (" Mint " or the " Company ") is pleased to announce Mint and The Saudi Investment Bank ("SAIB" or the "Bank") have signed a Vendor Agreement (the "Agreement"). The Agreement provides for Mint to supply SAIB its software solution to permit the Bank, subject to regulatory approvals, to launch a prepaid card project and in particular to offer payroll prepaid cards in accordance with the recently announced Wage Protection System law (http://www.arabnews.com/labor-ministry-launch-wage-protection-system).Executive Chairman, Chris Hogg, said today, "This project is an excellent opportunity for Mint to scale its platform and capitalize on its experience through entry into the largest market in the GCC. This announcement is the culmination of over 2 1/2 years of investment in the Kingdom of Saudi Arabia ("KSA" or "Saudi") and is another step towards the successful implementation of our long term goal of becoming the leading provider of alternative financial services in the region."In the initial phase, prepaid payroll cards will be launched which will also offer remittance to overseas countries. The target labor market size in KSA is expected to be in the region of 4,000,000 workers from May 2013. Mint has agreed with SAIB to exclusively work with the Bank to introduce the above products firstly to the Bank's own Corporate customer base and then to the open market in competition with other banks.SAIB, which in 2012 was awarded Best Domestic Retail Islamic Bank in KSA, has over US$15 Billion in Assets and in the year to 31 December 2012 reported Total Operating Income of US$459 million and Net Income of US$243 million. The shareholders of SAIB, which is a publicly listed company, include J. P. Morgan Chase, Mizuho Corporate Bank (formerly The Industrial Bank of Japan), Saudi public and private institutions as well as Saudi Individuals.President and CEO, Nabil Bader, said today, "The agreement Mint has signed with SAIB leverages our platform, intellectual property, know-how and experience gained from our UAE business for the benefit of SAIB and foreign workers in Saudi. We look forward to a long and mutually rewarding relationship."FORWARD-LOOKING STATEMENTSCertain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements, including the risk that the Company may not receive all necessary approvals to proceed with those transactions, the risk that there may be insufficient demand for the securities being. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.ABOUT THE SAUDI INVESTMENT BANKDetailed information about the Bank can be accessed through the Bank's website (http://www.saib.com.sa).ABOUT MINT TECHNOLOGY CORPEstablished in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, Saudi Arabia, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.For additional information please visit www.mintinc.com.FOR FURTHER INFORMATION PLEASE CONTACT: NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Contact Information: Mint Technology Corp.Nabil BaderPresident & CEO+971 506457719nbader@mintinc.comMint Technology Corp.Nicole SouaddaHead of Compliance and Investor Relations610-995-2655nsouadda@mintinc.comwww.mintinc.com