Spectra Systems Corporation
04/21/2021 | Press release | Distributed by Public on 04/21/2021 00:06
Enhanced sensor capability contract
RNS Number : 0955W
Spectra Systems Corporation
21 April 2021
Spectra Systems Corporation
('Spectra')
Enhanced sensor capability contract executed with central bank
Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software, is pleased to announce that it has executed an agreement with its central bank customer, in addition to the sensor agreement announced on 2 February 2021, to include a new capability in those sensors to detect 'exotic counterfeits'. The new contract will result in an additional $1.2MM of development funding to begin immediately. This contract increases the total development funding to $8.7MM and could increase the sensor sales revenue by $7.5MM to $41.5MM, depending on the total order size.
Dr. Nabil Lawandy, Chief Executive Officer, stated: 'We are pleased that this technologically sophisticated central bank has provided us with the opportunity to further increase the capabilities of our sensors to address certain types of counterfeits. This is a significant development which underpins the central bank's confidence in our technology capbilities and further bolsters the case for cash going forward.'
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding, Managing Director, Corporate Finance Tel: +44 (0) 20 7220 1650
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
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