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Date Posted: 12:04:00 02/16/03 Sun
Author: contactless card for transit and many other payment applications.
Subject: Cubic Microchip Development, Inc.



New Cubic Subsidiary To Develop Contactless Smart Card Applications

San Diego, Ca. Nov. 23, 1999 -- San Diego-based Cubic Corporation (AMEX: CUB) today announced the formation of a new subsidiary company to develop and leverage applications for the company’s newest contactless smart card chip technology. The new company will be known as Cubic Microchip Development, Inc.

The formation of the company is related to Cubic’s development of a new high-speed chip for contactless smart card applications which require the ability to read and write data securely at very high speeds. A Cubic-designed chip currently in use in contactless smart cards in Washington, DC can handle transit transactions in less than one-tenth of a second. The newest Cubic chip design offers transit customers and other users greater memory and can operate at higher transaction speeds.

Cubic is the world leader in integrated payment systems for mass transit and is the only company with an actual working contactless card payment system in large scale transit use in the U. S. Cubic designed contactless cards are now in use by the Washington Area Metropolitan Transportation Authority in Washington, DC. Contactless cards using Cubic designed chips are also scheduled to go into transit use soon in Chicago.

Cubic's new technology makes new contactless card applications available for uses beyond transit. Other potential customers include government benefits issuers, medical providers, drivers’ license bureaus, passport offices, security companies, as well as retail and e-commerce businesses. The expanded memory and security designed into Cubic’s latest chip will allow a commuter to use the same contactless card for transit and many other payment applications.

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