Funding Approval - G7 Central Bank

RNS Number : 5225M

Spectra Systems Corporation

17 September 2019

 

Spectra Systems Corporation

("Spectra")

 Funding approved for New Quality Control Equipment for G7 Central Bank

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication and brand protection technologies, and gaming security software, is pleased to announce that it has received funding approval for a $1.3MM contract with a G7 central bank to deliver three advanced quality control units used in the manufacturing of banknotes with the Company's materials.  The contract and its terms have been fully approved and its execution is scheduled for later this month. Engineering design of the units will commence in 2019 and the units will be delivered in 2020. 

Supported by the profits from the new quality control hardware contract, the Company intends to accelerate its G7 material manufacturing throughout 2019 to provide resources for expected material demands related to sample and possible production requirements for a Request for Proposals from an Asian central bank received recently.

As a result of the G7 contract, Spectra anticipates that its profits for the year ending 31 December 2019 to significantly exceed market expectations.

The Company will be releasing its mid-year financial statements in week commencing 23 September, 2019.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are delighted that our long standing G7 customer has provided us with the opportunity to upgrade and replace the current equipment used in banknote production.  This new equipment will support our continued sales of materials to our central bank customer for many years to come.

"We are also delighted that we are able to provide a second positive trading update for 2019 which is both reflective of an increasing product mix and includes new hardware sales which support the long term sales of our consumables."

Enquiries:

Spectra Systems Corporation

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

 WH Ireland Limited

Chris Fielding, Managing Director, Corporate Finance                                   Tel: [phone]

 

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