TORONTO, Sept. 4 /CNW/ - Mint Technology Corp. (TSX-V: MIT) announced
today that it has raised $520,000 through the issuance of common shares and
warrants, as reported in its press release of July 15, 2008. The private
placement first announced on June 24, 2008 is now closed.
Chris Hogg, CEO and President of Mint, said "During the current capital
raise process, Mint has been approached by investors who desire to invest
funds in excess of the $1 million proposed under the private placement. Mint
has therefore decided to close this private placement at $520K and negotiate
with these investors with a view to announcing a new private placement prior
to the 30th of September."
Mint also announced that it is negotiating a debt facility to support its
international opportunities, the first of which will pilot in United Arab
Emirates on November 1, 2008. "We are in the process of finalizing two new
contracts for Mint's prepaid card programs in the region with distribution and
processing partners in Dubai. The sales opportunities arising from these
programs were introduced to Mint through its directors and major
shareholders." said Chris Hogg.
Mint has been invited by Transguard Group, an Emirates Group Company,
with over 31,000 employees to participate in the pilot with one other
competing supplier to manage a Payroll Card rollout which if successful will
lead to an exclusive contract. "In anticipation of success with these efforts
we have formed a wholly-owned subsidiary Mint Middle East LLC and we are
working to ensure we have access to the appropriate capital to execute the
rollout of this program in Q4 2008." said Chris Hogg.
ABOUT MINT TECHNOLOGY CORP.: Through its wholly owned subsidiaries, Mint
is a leading payment solutions company. With 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 cobranding and loyalty
programs, and new wireless payment alternatives such as contactless
functionality. The company is headquartered in Toronto, Ontario.
ABOUT TRANSGUARD GROUP: Transguard Group through its operating divisions
provide facilities management, security solutions, airside support, cash and
training services in the UAE and Middle East region. Transguard is the largest
cash management operation in the Middle East and is the largest facilities
management provider in the region. www.transguardgroup.com
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