GREAT COMMENTS FROM CHAYA ON WEBSITE:
I know this conference is a little ways off, to use American vernacular, but it is probably the most prestigious conference in the card industry conducted by the oldest and most respected smartcard industry association. It is really a privilege to be invited to speak at this conference and in my opinion a true recognition of the amazing industry leading product we have created. It is because of the status of this conference within the banking and smartcard industry we have chosen to make this our official product launching venue. While we have been concentrating on presentations to banks this launch will give us tremendous exposure to the leading card decision makers with the industry.
We have everything in place now for a great future. Research and Development, completed. Large scale manufacturing capability, in place. (our move to bring online our contract manufacturing rather than building our own factory has saved the company millions of dollars it otherwise would have had to invest itself to reach the level of 1 million cards per month capability) Bringing the large scale production online has taken time but at the end of the day well worth the time and effort as it now demonstrates to large card issuers that we are able to deliver the cards in the numbers needed. To build out our own factory to the level of what we now have by way of contractors would have taken at least $25 million in capital outlays and substantial increase in staffing costs.
I am very cognizant of the length of time some of our investors have been waiting for us to reach this stage. Both in respect of our card and our manufacturing. But we are here. Now the company is in full scale sales and marketing and while we are dealing with a conservative and slow to move banking industry and we know it will take time and a lot of effort we are extremely happy with the level of interest and seriousness being shown in the card issuing world.
Thanks all and thank each and everyone for being so supportive and patient.
Kind regards,
Chaya
