CARDXX, LLC was formed on August 12, 1996, under the laws of the State of Colorado, however, operations commenced in April 1997. On September 11, 1998, an agreement and plan of reorganization was made between CARDXX, LLC and International Interchange Corporation, [“IIC”] a Nevada corporation whereby IIC acquired all the assets and assumed all the liabilities of CARDXX, LLC in exchange for a total of 4,715,234 shares of common stock of IIC including 2,076,630 shares issued on stockholders’ debt conversion [See Note 4C]. For accounting purposes, this was treated as a reverse acquisition with CARDXX, LLC as the acquirer. The financial statements of the Company reflect the operations of CARDXX, LLC, and IIC from September 11, 1998, onward. The financial statements prior to September 11, 1998, reflect the operations and financial position of CARDXX, LLC only. Pursuant to the reorganization, CARDXX, LLC changed its name to CARDXX Inc. [the “Company”] on September 14, 1998. The Company’s principal business activity has been the designing, manufacturing, and distributing of smart cards using a state-of-the-art proprietary production process known as the Reaction Assisted Molded Process [“RAMP”]. The use of smart cards in the United States has only recently begun. The Company anticipates international sales will account for a significant portion of revenues in the future.
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841483138
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