Mint Capital Corp. and GE Money, the Canadian consumer lending unit of General Electric Company have entered into an agreement to issue prepaid cards in Canada.
January 23, 2006 (Press Release) --
Agreement Includes Equity Stake in Mint Technology Corp.
TORONTO--(MARKET WIRE)--Dec 22, 2005 -- Mint Capital Corp., a subsidiary of Mint Technology Corp. (Vancouver:MIT.V - News), and GE Money, the Canadian consumer lending unit of General Electric Company (NYSE:GE - News), have today entered into an agreement to issue prepaid cards in Canada. Mint is Canada's emerging leader of solutions for prepaid cards, a payment method gaining widespread popularity in Canada and the United States.
"We have significant interest from our existing customer base to offer prepaid cards. Mint can help us fulfill this need," said Stephen J. Motta, president and CEO, GE Money. "Mint is a leader and has substantial experience in the prepaid card industry. This agreement will enable GE Money to enter this emerging market immediately."
"This is a very significant and exciting relationship for Mint," said Frank Maduri, president & CEO, Mint Technology Corp. "Mint will benefit from having a global issuing partner who will be able to provide the flexibility, experience and innovation to take prepaid cards to the next level."
Under the terms of the agreement, Mint Technology Corp. will issue 2,375,523 common shares at $0.2631 per share to GE Money no later than Dec. 31, 2005, subject to regulatory approval. The term of the agreement is five years with successive two year renewal options if agreed to by both parties.
These prepaid cards can be used wherever traditional credit cards are accepted, including ATMs and at millions of merchant locations worldwide. Cardholders prepay and re-load their cards at retail locations across the country or via online banking. Prepaid cards can offer a payment solution that has been, until now, unavailable to many Canadians; because prepaid cards do not require a conventional credit check and have lower age requirements, they are available to virtually everyone who may need the convenience and safety of a traditional credit card. Aside from being available to individuals building their credit profile, prepaid cards can be useful in countless situations including parents funding university expenses or wanting to teach financial responsibility to their children; giving consumers a safer way to shop online; supplying a platform for business owners to disburse and track employee expenses; or providing open ended gift cards to Canadian companies.
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, reloadable MasterCard® cards with unique features such as co-branding and loyalty programs, MasterCard® gift cards, and new wireless and contactless payment alternatives such as MasterCard cards with PayPass(TM) functionality and cell phone based parking. 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. (Vancouver:MIT.V - News), visit our website at www.mintinc.com.
About GE Money Canada
Based in Toronto, GE Money Canada, part of GE Consumer Finance-Americas, provides private label and MasterCard credit card programs and lending options for retailers in key industries, including apparel, power sports and jewelery. GE Money Canada also is a provider of alternative residential mortgages. More information can be found online at www.gemoney.ca.
With $150 billion in assets globally, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto lending, mortgages, corporate travel cards, debt consolidation and home equity loans, and credit insurance. More information can be found online at www.geconsumerfinance.com.
GE (NYSE:GE - News) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE Canada has more than 10,000 employees, 19 major manufacturing plants and more than 150 sales and service locations across the country.
TORONTO--(MARKET WIRE)--Dec 22, 2005 -- Mint Capital Corp., a subsidiary of Mint Technology Corp. (Vancouver:MIT.V - News), and GE Money, the Canadian consumer lending unit of General Electric Company (NYSE:GE - News), have today entered into an agreement to issue prepaid cards in Canada. Mint is Canada's emerging leader of solutions for prepaid cards, a payment method gaining widespread popularity in Canada and the United States.
"We have significant interest from our existing customer base to offer prepaid cards. Mint can help us fulfill this need," said Stephen J. Motta, president and CEO, GE Money. "Mint is a leader and has substantial experience in the prepaid card industry. This agreement will enable GE Money to enter this emerging market immediately."
"This is a very significant and exciting relationship for Mint," said Frank Maduri, president & CEO, Mint Technology Corp. "Mint will benefit from having a global issuing partner who will be able to provide the flexibility, experience and innovation to take prepaid cards to the next level."
Under the terms of the agreement, Mint Technology Corp. will issue 2,375,523 common shares at $0.2631 per share to GE Money no later than Dec. 31, 2005, subject to regulatory approval. The term of the agreement is five years with successive two year renewal options if agreed to by both parties.
These prepaid cards can be used wherever traditional credit cards are accepted, including ATMs and at millions of merchant locations worldwide. Cardholders prepay and re-load their cards at retail locations across the country or via online banking. Prepaid cards can offer a payment solution that has been, until now, unavailable to many Canadians; because prepaid cards do not require a conventional credit check and have lower age requirements, they are available to virtually everyone who may need the convenience and safety of a traditional credit card. Aside from being available to individuals building their credit profile, prepaid cards can be useful in countless situations including parents funding university expenses or wanting to teach financial responsibility to their children; giving consumers a safer way to shop online; supplying a platform for business owners to disburse and track employee expenses; or providing open ended gift cards to Canadian companies.
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, reloadable MasterCard® cards with unique features such as co-branding and loyalty programs, MasterCard® gift cards, and new wireless and contactless payment alternatives such as MasterCard cards with PayPass(TM) functionality and cell phone based parking. 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. (Vancouver:MIT.V - News), visit our website at www.mintinc.com.
About GE Money Canada
Based in Toronto, GE Money Canada, part of GE Consumer Finance-Americas, provides private label and MasterCard credit card programs and lending options for retailers in key industries, including apparel, power sports and jewelery. GE Money Canada also is a provider of alternative residential mortgages. More information can be found online at www.gemoney.ca.
With $150 billion in assets globally, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto lending, mortgages, corporate travel cards, debt consolidation and home equity loans, and credit insurance. More information can be found online at www.geconsumerfinance.com.
GE (NYSE:GE - News) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE Canada has more than 10,000 employees, 19 major manufacturing plants and more than 150 sales and service locations across the country.
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