TORONTO, Oct. 22 /CNW/ - Mint Technology Corp. (TSX-V: MIT), today
reports that the current global banking crisis and economic downturn translate
into an expanding market opportunity for the Company.
Since Mint markets its prepaid products to the credit challenged and
financially underserved populations, the Company believes the global banking
crisis could increase the demand for its products. Mint's products provide the
same payment capabilities as a traditional credit card, including global
acceptance at retailers and ATMs worldwide, without a credit facility
initially. This means that most people can qualify for it and benefit from its
inherent ability to teach restraint, control and responsible spending.
Ultimately, Mint's cardholders will be able to build or reestablish sound
credit ratings, and regain their financial independence.
Chris Hogg, President and CEO commented, "With the credit crisis
expanding to a global level, we foresee that the size of the credit challenged
population, our primary target market, will grow as credit becomes scarce or
consumers' credit becomes damaged. Additionally, we foresee emerging markets,
such as youth, becoming more sensitive to personal debt loans and therefore
entertain alternatives to revolving credit payment instruments. As Mint's
prepaid products are specifically tailored to three focus markets, namely
immigrant, youth and credit challenged, we believe the credit-crunch and
accompanying economic downturn combine to present a significant opportunity
for our current business model to fill, what we think will be, an accelerating
demand for prepaid products needed to combat the negative credit consequences
this crisis has created."
"As we all adapt to a new set of market constraints to establish a
responsible banking and loan foundation, turning to prepaid products will
become more widely accepted as a responsible choice for consumers around the
world and eventually build up a more positive image for the prepaid industry
as a whole," summed up 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 co-branding and loyalty programs, and new wireless
payment alternatives such as contactless functionality. The Company is
headquartered in Toronto, Ontario.
To receive Company news via email, contact email@example.com and mention
"Mint news" on the subject line.
This news release contains forward-looking statements based on current
expectations. These forward-looking statements entail various risks and
uncertainties that could cause actual results to differ materially from those
reflected in these forward-looking statements. Such statements are based on
current expectations, are subject to a number of uncertainties and risks, and
actual results may differ materially from those contained in such statements.
These uncertainties and risks include, but are not limited to, availability of
resources, competitive pressures, changes in market activity, the ability to
sign contracts with customers, the development of markets and regulatory
requirements. Risks and uncertainties about Mint's business are more fully
discussed in the company's disclosure materials, including its MD&A, filed
with the securities regulatory authorities in Canada. Mint assumes no
obligation to update any forward-looking statement or to update the reasons
why actual results could differ from such statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: please visit www.mintinc.com or contact: Mint
Technology Corp.: Chris Hogg, President and CEO, Tel: (416) 581-0001, Email:
firstname.lastname@example.org; Dawn Mandarino, CFO, Tel: (416) 581-0001, Email:
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Manager, Tel: (416) 868-1079 ext. 239, Email: firstname.lastname@example.org; Sasha Abrams,
Associate Account Manager, Tel: (416) 868-1079 ext. 246, Email: