LONDON (Alliance News) - Spectra Systems Corp on Thursday said it has agreed a six-year supply contract with an undisclosed Chinese manufacturer of labels for linens to use its new TruBrand technology.
This technology enables the physical, non-image based, authentication of products using a smartphone, Spectra said.
The contract will begin January 2017, it requires minimum annual high-margin materials revenues of USD300,000 beginning 2018, Spectra said, and has a minimum total value of USD1.65 million.
Specra said it expects sales of materials to this customer will provide a valuable first reference for the technology and help drive sales, particularly in China.
"The board is very pleased to see additional long-term contracted revenue growth in areas outside of the banknote industry and is pleased to confirm that the company is on track with expectations for the year," said Chief Executive Officer Nabil Lawandy in a statement.
Shares in Spectra were up 9.2% at 26.90 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Spectra (unres) (SPSY)