Northwest Territorial Mint has announced that after it recently charged through a company reorganization, the firm is a new entity that still carries its old name, “for now.”
A release from the company states the mint will leave its Federal Way office for a cost-effective location in Kent in a move scheduled for mid-July.
In the absence of former CEO Ross Hansen, who filed for Chapter 11 bankruptcy in April, Northwest Territorial Mint is being run by court-appointed trustee Mark Calvert. Paul Wagner serves as president, overseeing the daily operations of the revitalized company.
Northwest Territorial Mint is a retailer that produces coins, medals, belt buckles and other products.
The company reports that its sales have increased 6.1 percent within the past month, and the mint reported it has secured new and established clients like Chapman University, Shaw Prize Foundation, the U.S. Coast Guard Military Police and online game developer Cryptic Studios.
“The new management force at the helm has set Northwest Territorial Mint back on a course towards reputable, reliable, customer-centric waters,” the company said in a release. “The first move in that direction was to cease the company’s precarious bullion operations in order to target the custom-minting division and the needs of its customers. And though the bullion branch is defunct, the custom operations will continue to mint products with silver.”
According to Calvert in a previous interview, it’s believed the bullion department collapsed long before the mint filed for bankruptcy, as it was taking customers months to receive their precious metals. In fact, it took so long, many filed complaints with the Better Business Bureau and the state Attorney General’s Office.
As the bankruptcy goes through the court process, the FBI is also conducting a criminal investigation on Hansen and his girlfriend.
For more information on the business, visit NWTMint.com.
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