Mint terminates JV with Peoples Trust and Peoples Card Services
Mint Technology (CDNX:MIT.V) ("Mint" or the "Company") announced today that its wholly owned subsidiary Mint has entered into a release and settlement agreement formally terminating the joint venture agreement among Mint, Peoples Trust Company, and Peoples Card Services Ltd.
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The release and settlement agreement also provides for the formal termination of litigation commenced by Mint Inc. in Ontario and litigation commenced by Peoples Trust in British Columbia.
The termination of the joint venture agreement and the litigation will not affect the business or operations of Mint. Mint's current prepaid card programs are operated outside the joint venture agreement. The release and settlement agreement does not provide for the payment of any amounts between any of the parties to the agreement.