Approval to deliver suite of sensors worth $8m

RNS Number : 9886S

Spectra Systems Corporation

14 November 2013

 



November 14, 2013

Spectra Systems Corporation

("Spectra Systems") 

Approval from a Central Bank to Begin Shipping a Suite of Upgraded Sensors worth $8MM

The Board is delighted to announce that Spectra Systems has received approval from a G8 central bank customer to manufacture and deliver upgraded sensors beginning this month. 

This is a major milestone which required extensive sensor testing and manufacturing process review by the central bank.  The delivery of these upgraded sensors is expected to result in US$8MM of revenue from 2013 to 2014, the period over which the sensors are scheduled to be delivered.   These upgraded sensors are expected to support the sale of the current generation consumable to the central bank for at least the next decade.  

The approval by the central bank of Spectra Systems' manufacturing plan, facilities, vendor qualifications, and quality assurance process for the upgraded sensor will allow Spectra Systems to seamlessly deliver the next generation of technology to the same central bank in the future.

Nabil Lawandy, Spectra System's CEO, stated:

"We are proud of this accomplishment with one of the most technologically sophisticated central banks in the world.  Meeting this G8 customer's demanding performance and maintenance requirements for a second time and installing the sensors which are expected to support our consumables for the next decade is proof of Spectra's reputation and potential for delivering next generation technology to this and other customers in the coming years"

Enquiries:

Spectra Systems Corporation

Dr. Nabil Lawandy, Chief Executive Officer                           Tel: [phone]

WH Ireland Limited

Chris Fielding (Head of Corporate Finance)                           Tel: [phone]

 

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