REG - Spectra Systems Spectra Systems-SPSC - $9.4M downpayment on sensor manufacturing contract

Spectra SystemsAnnouncement

18/12/2024 07:00

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RNS Number : 4563Q  Spectra Systems Corporation  18 December 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014, which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

18 December 2024

 

Spectra Systems Corporation

("Spectra" or the "Company")

$9.4M downpayment on sensor manufacturing contract

Spectra Systems Corporation, a leader in machine-readable high speed banknote
authentication, security printing, brand protection technologies and gaming
security software, is pleased to announce that it has received the initial
downpayment of $9.4M from our customer for the manufacturing of advanced
high-speed banknote sensors. This down payment is part of the total contract
value of $39.6M announced on 16 July 2024.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are keen to accelerate
our manufacturing program with this infusion of cash to support our customer's
requirements.  Furthermore, this infusion of cash will significantly
replenish our cash position following both the acquisition of Cartor Security
Printers in December of 2023 as well as advance purchases of components for
our customer's sensor order."

The person responsible for arranging the release of this announcement on
behalf of the Company is Dr. Nabil Lawandy, Chief Executive Officer of the
Company.

Enquiries:

 Spectra Systems Corporation                                              Tel: +1 (0)401 274 4700

 Dr. Nabil Lawandy, Chief Executive Officer

 Zeus (Nominated Adviser and Joint Broker)                                Tel: +44 (0)20 3829 5000

 Chris Fielding / James Bavister/ Andrew de Andrade (Corporate Finance)

 Allenby Capital Limited (Joint Broker)                                   Tel: +44 (0)20 3328 5665

 Nick Naylor/James Reeve (Corporate Finance)

 Amrit Nahal (Sales and Corporate Broking)

 

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