TruTag Technologies, Inc. Receives Authorization for $15 Million Special Purpose Revenue Bonds from the State of Hawaii
Special Purpose Revenue Bonds may be used for planning, construction and equipping of TruTag’s manufacturing operations
KAPOLEI, HAWAII ─ August 16, 2016 — TruTag Technologies, Inc., a leader in product authentication, brand security, and data intelligence solutions today announced that the Honorable David Y. Ige, Governor of the State of Hawaii, signed into law Act 118, “Relating to the Issuance of Special Purpose Revenue Bonds to Assist TruTag Technologies, Inc.” Under this new law, the State of Hawaii will issue the Revenue Bonds so TruTag will have access to a credit facility, provided by independent funding entities, with up to $15 million to use toward the financing or refinancing of the planning, construction, improvement, and equipping of its manufacturing facilities in Hawaii.
TruTag has constructed the world’s largest cGMP nano-porous silica production plant in Kapolei on the island of Oahu. This facility also houses the company’s application engineering and advanced materials research center. TruTag’s cGMP facility features the most advanced manufacturing equipment in the industry with fully automated and robotics-enhanced production lines and has achieved compliance with current Good Manufacturing Practices (cGMP) for the manufacturing of TruTag® microtags (“TruTags®“) to protect pharmaceutical and food products for global customers.
TruTags are covert, edible, and encrypted optical memory microparticles made from pure silicon dioxide (silica), a material that is considered “generally recognized as safe” (GRAS) by the U.S. Food and Drug Administration. TruTags enable digitization of medicine, food, and other health care products intended for human consumption so that customers can identify, authenticate, and track life mission critical products throughout the global supply chain. TruTags serve as a digital cookie for analog products to enable the Internet of Things to a plethora of non-web connected goods.
The TruTag security platform helps pharmaceutical and food companies protect their products, guard against channel diversion and counterfeits, enhance consumer trust and brand loyalty, retrieve valuable information real time, and maintain the integrity of their products with cost-effective integrated data intelligence. When TruTags are applied to products, manufacturers are able to assess the provenance of each item and collect key information such as manufacturing location, dosage, authorized distribution channel, lot numbers, and other valuable data such as the entire drug package insert or related safety information, if needed.
“TruTag Technologies has developed an extraordinary product to digitize food, medicine, and healthcare products so that they can be individually identified and authenticated, which will make the products safer and the brands more trustworthy,” Said George Ariyoshi, former Governor of the State of Hawaii and a director of the Company. “I am extremely pleased that TruTag Technologies was founded in Hawaii, and has built the world’s most sophisticated cGMP Nano-porous Silica manufacturing plant here in our State. We are looking forward to hosting many Fortune 500 companies as they embrace and adopt TruTag’s data intelligence platform.”
About TruTag Technologies
TruTag Technologies, Inc. is a leader in product authentication, brand security, and data intelligence solutions. The TruTag® platform addresses the $1 trillion global challenge of counterfeit, diverted and adulterated products that impact the pharmaceutical, life sciences, art and collectibles, food, electronics, industrial, and consumer goods industries. TruTag® microtags are edible, inert, covert, and can seamlessly integrate information into the very fabric of a product, independent of packaging and labels. TruTag is able to extend the Internet of Things to a plethora of new, non-web-connected objects and products, and are read using handheld imagers programmed to authenticate a product’s provenance information.
TruTag Technologies has been recognized by the Edison Awards, Fast Company, R&D 100, and was selected as a Technology Pioneer by the World Economic Forum as one of the most influential technology companies in the world. Learn more at www.TruTags.com.
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