REG - Spectra Systems Spectra Systems-SPSC - New contract awards

Spectra SystemsAnnouncement

24/01/2022 07:05

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RNS Number : 3001Z  Spectra Systems Corporation  24 January 2022

Spectra Systems Corporation

24 January 2022

 

Spectra Systems Corporation ("Spectra")

New contract awards

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014.

Spectra Systems Corporation, a leader in machine-readable high speed banknote
authentication, brand protection technologies and gaming security software, is
pleased to announce three new contract awards.

New Banknote Authentication Revenues

Spectra received an additional order for covert materials from its largest
central bank customer, increasing this year's initial order by 20%. This
increase in order size brings the aggregate order for the current year to 75%
of last year's record order size.

In addition to the increased order for covert materials, the customer renewed
its sensor service contract at nearly double its historical annual value.
This service contract will continue through the deployment of the new sensors
which are currently being developed (announced on 2 February 2021) and will
overlap with an anticipated service contract specific to the new generation of
sensors.

Software Security

Finally, Spectra's Secure Transaction Group has entered into a new contract
for an existing USA state lottery customer worth at least $500,000 for the
ten-year contract period.

In total, these three new contracts will generate $700,000 of additional
unforecasted revenue for the 2022 calendar year.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are delighted to
announce these new contract awards which deliver further growth in revenues
from existing customers across materials, service and software business
lines.  The increase in materials orders from our largest central bank
customer further bolsters the need for reserve currency banknotes."

 

Enquiries:

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

 Dr. Nabil Lawandy, Chief Executive Officer

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

 Chris Fielding (Managing Director, Corporate Finance)

 Andrew de Andrade (Executive, 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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