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(Sharecast News) - Authentication and security company Spectra Systems has executed a "comprehensive services contract" with a central bank, it announced on Wednesday, for the development, manufacture and servicing of a sensor system for the customer.
The AIM-traded firm said the contract included $1.9m (£1.44m) to initiate first phase development work, and had three major additional phases, including a $5.6m second phase development through to 2023, as much as $34m for the delivery of an as-yet-unspecified number of sensors, and a service component worth around $7.5m.
It said that component covered the current sensors, and included the typical 10-year life of the maximum number of new sensors to be delivered after development.
"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," said chief executive officer Dr Nabil Lawandy.
At 1523 BST, shares in Spectra Systems were up 13.04% at 195p.
20 Oct 2014 06:42