New Central Bank Contract Amendment

RNS Number : 9387V

Spectra Systems Corporation

15 August 2022

 

Spectra Systems Corporation

15 August, 2022

Spectra Systems Corporation ("Spectra")

New Central Bank Contract Amendment for Expanded Sensor Testing

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 amendment to a contract with a central bank customer (most recently announced on 15 June 2022) to support expanded testing of sensors prior to delivery.  As a result, approximately $4mm of additional revenue is contracted in the period to 31 December 2024.  A significant portion of the profits from this unexpected contract amendment will be used towards additional sales and marketing efforts for our machine-readable secure polymer substrate, Fusion^TM.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "This new contract amendment will provide additional pre-production data to our customer prior to implementing our sensors in the field.  This additional contract will further increase the development phase revenue from $10.8 million to $14.8 million, while maintaining the existing timeline for sensor manufacturing"

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Enquiries:

Spectra Systems Corporation Dr. Nabil Lawandy, Chief Executive Officer	Tel: [phone]
WH Ireland Limited (Nominated Adviser and Joint Broker) Chris Fielding (Head of Corporate Finance) Andrew de Andrade (Corporate Finance) Allenby Capital Limited  (Joint Broker) Nick Naylor/James Reeve (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)	Tel: [phone] Tel: [phone]

 

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