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Spectra Systems expands counterfeit sensing contract with central bank

By BFN News | 09:38 AM | Wednesday 21 April, 2021


Banknote authentication group Spectra Systems said it had executed an agreement with a central bank customer to include a new capability to detect "exotic counterfeits". The new contract would result in an additional $1.2 million of development funding to begin immediately, the company said It was in addition to a sensor agreement announced on 2 February and upped the total development funding to $8.7 million -- and could increase sensor sales revenue by $7.5 million to $41.5 million, depending on the total order size. 'We are pleased that this technologically sophisticated central bank has provided us with the opportunity to further increase the capabilities of our sensors to address certain types of counterfeits,' chief executive Nabil Lawandy said. 'This is a significant development which underpins the central bank's confidence in our technology capbilities and further bolsters the case for cash going forward.' Story provided by StockMarketWire.com

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