New Lottery Security Contracts

RNS Number : 4403F

Spectra Systems Corporation

15 July 2019

 

Spectra Systems Corporation

("Spectra")

New Lottery Security Contracts

This announcement contains inside information for the purposes of Article 7 of Regulation 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 been selected by a major European lottery to provide its Premier64 Integrity internal control system (ICS).  

Spectra has also renewed its contract with a long term US State lottery customer and will be converting this customer to its Premier64 Integrity ICS.

These contracts are for a base period of five and one half years and five years, respectively, both with optional renewals of up to three and five years, respectively. 

The aggregate value of the contracts is estimated at $1.1MM over the full term, assuming both renewal options are exercised, with additional potential of approximately $0.2MM of customized software development for new games based on averages of our previous eighteen domestic and international customers.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are delighted to expand our ISO/IEC 27001:2013 certified operations in Europe as well as convert a long term customer to our Premier64 Integrity product.  These contracts further increase the long-term revenue stream from our government contracts segments of the business."

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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