REG - Spectra Systems Spectra Systems-SPSC - New Central Bank Contract Amendment

Spectra SystemsAnnouncement

15/08/2022 07:00

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RNS Number : 9387V  Spectra Systems Corporation  15 August 2022

Spectra Systems Corporation

15 August, 2022

 

Spectra Systems Corporation ("Spectra")

New Central Bank Contract Amendment for Expanded Sensor Testing

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 an amendment to a contract with a
central bank customer (most recently announced on 15 June 2022) to support
expanded testing of sensors prior to delivery.  As a result, approximately
$4mm of additional revenue is contracted in the period to 31 December 2024.
A significant portion of the profits from this unexpected contract amendment
will be used towards additional sales and marketing efforts for our
machine-readable secure polymer substrate, Fusion(TM).

Dr. Nabil Lawandy, Chief Executive Officer, stated: "This new contract
amendment will provide additional pre-production data to our customer prior to
implementing our sensors in the field.  This additional contract will further
increase the development phase revenue from $10.8 million to $14.8 million,
while maintaining the existing timeline for sensor manufacturing"

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.

Enquiries:

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

 Dr. Nabil Lawandy, Chief Executive Officer

 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 7220 1650

 Chris Fielding (Head of Corporate Finance)

 Andrew de Andrade (Corporate Finance)

                                                          Tel: +44 (0)20 3328 5665

 Allenby Capital Limited (Joint Broker)

 Nick Naylor/James Reeve (Corporate Finance)

 Amrit Nahal (Sales and Corporate Broking)

 

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