Contract with a Major Central Bank

RNS Number : 4535S

Spectra Systems Corporation

09 July 2020

 

Spectra Systems Corporation

("Spectra")

 Contract for enhanced counterfeit banknote detection with a major 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 new contract with a major world central bank to enhance existing authentication sensors to detect a unique type of counterfeit notes.

The contract has two phases, the first is a development phase worth $521,000 and the second phase relates to the optional upgrade of up to 10 sensors worth up to $175,000.  The first phase is anticipated to be completed by December 2020 barring any Covid-19 related delays at the customer site, while the second phase is at the discretion of the central bank.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are pleased that one of our long standing customers has provided us with the opportunity to provide new cutting edge anti-counterfeiting technology.  This contract further supports the importance of cash transactions in countries with technologically advanced economies."

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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