Toronto, November 9, 2005 -Mint Inc.,
a subsidiary of Mint Technology Corp. (TSX-V: MIT),
and Now Prepay, a subsidiary of VendTek Systems Inc. (TSXV:
VSI), announced the creation of a partnership that will
be able to sell and reload cards from Mint's portfolio
of prepaid credit cards. Mint's products will be distributed
through Now Prepay's national network in Canada. Among
the initial retailers included in the network are Super
Save Gas, Time Out convenience stores, Pioneer Petroleums
and participating Esso locations across the country.
Under an agreement signed today, Now Prepay will provide
a secure point-of-sale system for activating and reloading
Mint's prepaid credit cards over Now Prepay's existing
national prepaid network. Retailers participating in the
program will prominently display the Mint logo. Customers
will be able to purchase prepaid credit cards at designated
locations and existing cardholders will be able to reload
their prepaid credit card with funds.
"Now Prepay has an estimated 7,300 retail partner
locations in Canada. We believe offering a product that
has a proven and very successful track record in the United
States will provide them with untapped revenue potential,"
said Doug Buchanan, President, Now Prepay, "In addition,
the distribution and reloading of Mint's prepaid credit
cards is a complementary product to the extensive and
established prepaid network we currently have in place."
"This is the first stage in developing our comprehensive
top-up network in convenience stores, grocery chains,
pharmacies, gas stations, etcetera for prepaid credit
cards across Canada," said Frank Maduri, President,
Mint Inc., "The ability to reload a prepaid account
from a convenient location will be an important feature
for those cardholders who do not have access to online
banking."
Because no credit check is required, prepaid credit cards
offer a necessary alternative method of payment to many
Canadians. Individuals who may require the convenience
and security of a traditional credit card, but are unable
to qualify due to credit issues and age requirements,
are now able to obtain a prepaid, reloadable credit card.
Mint's prepaid credit cards can be used at the millions
of worldwide locations where traditional credit cards
are accepted today including retailers, websites, mail
order, mobile purchases and ATM cash withdrawals.
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For further information, please contact:
Mich Ahern
Manager, Public Relations, Mint Inc.
Mobile: 416-454-8060
Phone: 416-581-0001
Email: mahern@mintinc.com |
Samantha Haynes
VendTek Systems Inc.
Phone: 604-805-4653
Toll free: 1-800-806-4958
Email: investment@vendteksystems.com |
About Mint Technology Corp.
Mint is a leading payment solutions company. Through
the Company's payment platform, Mint is the first in
Canada to facilitate and deploy prepaid MasterCard
cards with unique features such as co-branding and loyalty
programs and new wireless and contactless payment alternatives
such as MasterCard cards with PayPassTM
functionality. Mint enables fully featured prepaid credit
card programs by offering a back-office platform, transaction
processing and full service card management including
program implementation and deployment. The company is
headquartered in Toronto, Ontario. To find out more
about Mint Technology Corp. (TSX-V: MIT), visit our
website at www.mintinc.com.
About VendTek and Now Prepay (
www.vendteksys.com / www.nowprepay.com)
VendTek Systems Inc. develops and licenses eFresh™
software and related technologies, which provides electronic
distribution of prepaid telecommunication and financial
services. VendTek is commercializing the eFresh™
software under license to create sustainable and recurring
revenues. VendTek's customers and its subsidiaries,
Now Prepay Corp. (in Canada) and VendTek Systems Technologies
(in China), are using eFresh™
software to build electronic, prepaid services networks
which enable consumers to purchase prepaid services
via POS and self-serve terminals connected to a central
eFresh™
server. This system creates significant value through
improved efficiencies compared to the traditional distribution
paradigm. eFresh™
reduces shrinkage and inventory requirements while improving
consumer access to prepaid services since it is completely
electronic and eliminates physical cards and vouchers.
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The TSX Venture Exchange has
not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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