Testing of Soiled Banknote Technology

RNS Number : 4288J

Spectra Systems Corporation

12 June 2014

 

12 June 2014

Spectra Systems Corporation

("Spectra Systems")

Spectra Systems begins testing of its Soiled Banknote Cleaning Technology with the Banco de Mexico

The Board is delighted to announce that Spectra Systems has entered into a testing program with the Banco de Mexico to evaluate its technology, based on the use of supercritical fluids, to clean heavily soiled banknotes thereby allowing them to be returned to circulation and effectively increasing their life. 

This testing program will be invaluable to the Company for determining the potential of this technology for adoption by major central banks.  Spectra Systems is in the process of arranging similar tests with other major central banks in addition to the ongoing programs with the Banco de Mexico and two G8 central banks.

Nabil Lawandy, Spectra System's CEO, stated:

"We are very pleased that the Banco de Mexico has provided us with the opportunity to collaboratively assess the efficacy and economic impact of our banknote cleaning technology for Mexico's banknotes.  Mexico is one of the countries which has adopted polymer notes for its lower denominations and has had extensive experience with the issues of soiling and reducing banknote replacement costs.   In addition, the Banco de Mexico has one of the most highly respected central bank research and development teams in the world and has developed important data on banknote life cycles. We are extremely excited about the opportunity to gain their insight on the value of our breakthrough technology."

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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