CardXX today announced the company has resumed operations in a new state-of-the-art-facility. The new 7,200 square foot manufacturing facility for RFID smart cards is located in Englewood, Colorado. Earlier this month, CardXX moved its patented RAMP production machinery to the new facility.
CardXX also announced it has closed private funding which has satisfied close to all outstanding liabilities and has provided sufficient working capital to fund the company over the next twelve months. In addition, the Company intends to close on additional funding with institutional investors that will allow for aggressive expansion into developing markets, both domestically and internationally.
Mr. Paul G. Lewis, President, stated, "I am delighted with the positive direction of CardXX. We continue to work diligently to return CardXX to cash flow positive. Our accomplishments over the past 6 months are a testament to the company's future abilities."
The company appointed Stephen G. Wapelhorst as Vice President and Paul Reed as Director of Business Development. Mr. Phil Worack will remain as CEO and Chairman of the Board.
CardXX has engaged or retained the services of specific members of the former engineering team. Together, they are working to restore and enhance the CardXX RAMP machinery. The company expects to be able to process smart card orders within 90 days. The Company currently is the only smart card manufacturer that has attained Level 3 security clearance for the Common Access Card (CAC) program for the US government.
CardXX manufactures RFID Smart Cards, Smart Tags and packaging technology using its proprietary and patented encapsulation process known as the Reaction Assisted Molded Process (RAMP). RAMP is used to securely integrate a microcircuit or mini-computer, rechargeable battery, and/or digital memory storage implant into a small form factor Smart Card, proximity or Radio Frequency Identification (RFID) Smart Tag with unsurpassed physical security. CardXX also licenses its patented technology and provides manufacturing equipment and services to other card manufacturers.