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Toronto and Vancouver, March 28, 2006 - Now
Prepay, a subsidiary of VendTek Systems Inc. (TSXV:
VSI) a leading provider of software for prepaid service
distribution, and Mint Inc., a subsidiary of Mint Technology
Corp. (TSXV: MIT) and Canada's first provider of prepaid
credit card programs, announced today that the first
retail-based cash acceptance network designed for reloading
prepaid financial products has launched under a partnership
previously announced in a news release dated November
9, 2005.
Initially 1,000 of Now Prepay's 8,500 retail partner
locations across Canada will provide a secure point-of-sale
system for activating and reloading prepaid credit card
products from Mint's portfolio of cards over Now Prepay's
existing national prepaid network . Retailers prominently
display the Mint logo so that valued customers will
be able to know where to purchase prepaid credit cards
and existing cardholders can reload their cards with
funds. As an added convenience, Now Prepay has also
added a " location look up" feature on its
web site so that customers can locate a merchant near
them.
"There are an estimated 3,000,000 or more Canadians
who are the target consumers for these cards, let alone
traditional credit card users who also benefit from
using a prepaid credit card. This network will enable
wide distribution and the reloading of prepaid credit
cards to these markets and Now Prepay is excited to
provide the first widespread distribution channel to
get these products into people's hands and to provide
them with convenient outlets to reload more money onto
their cards." said Doug Buchanan, President, Now
Prepay.
"As a Canadian first, this initial phase of implementation
of a reload network further reinforces our leadership
in the market. In addition to offering our cardholders
the convenience of topping up their cards, we are also
excited to be able to provide our cobrand partners with
a vehicle to sell their cards," said Frank Maduri,
president and CEO, Mint Technology Corp., "In the
United States, where similar prepaid products have been
available for over six years, an extensive network of
reload centres can be found in the majority of retail
chains across the country and we look to the huge success
story there to pave the way in Canada."
Prepaid credit cards require no credit check and therefore
can offer an alternative and often necessary 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 prepaid card. 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.
For more information please contact:
Mich Ahern Public Relations, Mint Inc. Mobile: 416-454-8060
Phone: 416-581-0001 Email: mahern@mintinc.com
Samantha Haynes VendTek Systems Inc. 1-800-806-4958 or
604.805.4653 Email: shaynes@vendteksys.com
About Mint Technology Corp.
Mint is a leading payment solutions company. Through
its' payment platform and prepaid credit card programs,
Mint is the first in Canada to facilitate and deploy prepaid
MasterCard cards with unique features such as co-branding
and loyalty programs, Municipal Parking cards and new
wireless payment alternatives such as; MasterCard cards
with PayPassTM
functionality and cellphone based Parking. 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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