New Contract Agreement

RNS Number : 2723N

Spectra Systems Corporation

27 September 2012

 



For immediate release                                                                                                                            27 September 2012

Spectra Systems Corporation

("The Company" or "Spectra")

Spectra Systems Receives Contract to Develop Materials for a New Generation Security Feature

Spectra Systems Corporation (Spectra), a leader in machine-readable high speed banknote authentication, announces that, on 26 September 2012, it executed a contract worth approximately $1.6 MM with a current central bank customer to develop a new class of machine-readable materials.  This contract mirrors the ongoing development of a sensor for these materials which was initiated in 2011 and is now approaching the pre-manufacturing qualification stage before delivery of the hardware in 2013.

The successful development of the materials under this contract is expected by the board to result in a significant long term revenue stream for Spectra.

Commenting, Nabil Lawandy, CEO of Spectra, said:  "The receipt of this development contract underpins the confidence that central banks have in our ability to deliver cutting-edge technology and products.  Winning this contract establishes that our strategy is paying off for the company and its shareholders and that we are poised to grow our earnings through the layering of cumulative long term revenue streams from materials sales"

Enquiries:

Spectra Systems Corporation

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

WH Ireland Limited

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

Media Enquires:

The Communications Portfolio Limited

Philip Ranger / Caolan Mahon                                                                    Tel: [phone] / 2029

[e-mail]

 

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