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LONDON (Alliance News) - Spectra Systems Corp PLC Monday said it is working with the Central Bank of Indonesia to evaluate the performance of Spectra Systems Aeris technology, which uses supercritical carbon dioxide to clean soiled banknotes.
Aeris is a banknote cleaning system that aims to extend the life of paper banknotes by cleaning them without affecting their mechanical properties and security features.
Spectra Systems said the testing will determine the potential of this technology for producing significant savings for the Central Bank of Indonesia.
Spectra Systems is in the process of similar tests with other major central banks including the Banco de Mexico and two G8 central banks.
Last Friday, the company said it has opted to settle a lawsuit for USD2.1 million and terminate a royalty agreement with one of its shareholders and business partners to avoid further costs.
The lawsuit pertained to a license agreement on sales of some banknote authentication materials, as the shareholder claimed it was owed USD2.1 million under the agreement for the period between 2004 and 2013, and was filed in February 2013. However, Spectra disagreed with the shareholder's interpretation of the agreement.
The amount of damages claimed by the lawsuit was reduced to USD1.3 million last November due to the enforcement of the statute of limitations, which bars claims that accrued more than six years prior to the filing of the suit.
Spectra will take an exceptional cost for the settlement of USD1.9 million in its results for 2013, after offsetting accruals already made for the period between 2006 and 2012.
Spectra Systems shares were off 2.1% at 23.00 pence early Monday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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