Contract with a Central Bank

RNS Number : 7031C

Spectra Systems Corporation

21 October 2020

 

Spectra Systems Corporation

("Spectra")

 Contract for sensor development, manufacturing, and service with a central bank

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 a comprehensive services contract with a central bank for the development, manufacture and servicing of a sensor system for this customer.

The contract includes $1.9MM to initiate Phase 1 development work and has three major additional phases which include a $5.6MM Phase 2 development through 2023, as much as $34MM for the delivery of an as yet unspecified number of sensors, and a service component worth approximately $7.5MM (covering the current sensors and including the typical ten year life of the maximum number of new sensors to be delivered after development).

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are pleased that this technologically sophisticated central bank has provided us with the opportunity to provide new cutting edge sensors for their cash operations."

Enquiries:

Spectra Systems Corporation

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

WH Ireland Limited

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

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

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