REG - Spectra Systems Spectra Systems-SPSC - Contract with a Central Bank

Spectra SystemsAnnouncement

21/10/2020 07:01

RNS Number : 7031C
  
Spectra Systems Corporation
  
21 October 2020
  
 

 
Spectra Systems Corporation
("Spectra")
 Contract for sensor development, manufacturing, and service with a 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 comprehensive services contract with a central bank for the development, manufacture and servicing of a sensor system for this customer.
The contract includes $1.9MM to initiate Phase 1 development work and has three major additional phases which include a $5.6MM Phase 2 development through 2023, as much as $34MM for the delivery of an as yet unspecified number of sensors, and a service component worth approximately $7.5MM (covering the current sensors and including the typical ten year life of the maximum number of new sensors to be delivered after development).
 
Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are pleased that this technologically sophisticated central bank has provided us with the opportunity to provide new cutting edge sensors for their cash operations."
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer                                       Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding, Managing Director, Corporate Finance                           Tel: +44 (0) 20 7220 1650 
 
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
 

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